This Week's Boston Deal Sheet
Needham-based RK Centers acquired an Attleboro shopping center for more than $70M.
The 415K SF Bristol Place shopping center was sold by Norwell-based Unison Realty Partners, CBRE announced in a press release and the Boston Business Journal first reported. The property, anchored by Home Depot and Market Basket, is at 1200 Newport Ave. on the Massachusetts-Rhode Island border.
“We’re thrilled to add Bristol Place to our portfolio,” Ken Fries, vice president of leasing and acquisitions at RK Centers, said in a statement. “The property’s high-visibility location, outstanding tenant performance and compelling tenant mix made Bristol an excellent fit for our growth plans.”
The center includes T.J. Maxx, Burlington, Edge, Hobby Lobby and Bob's Discount Furniture. CBRE's Nat Heald, Kyle Juszczyszyn, Rob Robledo, Ryan Minihan and Jordana Roet brokered the deal.
RK Centers' portfolio spans Massachusetts, New Hampshire, Rhode Island, Connecticut and Florida. The company has over 9M SF in those markets, according to its website.
SALES
A nonprofit development team consisting of the Planning Office for Urban Affairs and the Fenway Community Development Corp. acquired 20 Charlesgate W for $14M in an effort to preserve the affordability of its 140 units. It was announced in March that the team had set its sights on the property.
The 58K SF building known as the Our Lady's Guild House is located in Kenmore Square and has provided women with housing since 1947. Colliers' Jeanne Pinado represented the seller and procured the buyer.
LEASES
France-based Mirakl opened its new U.S. headquarters at 100 Summer St. The marketplace platform company subleased 10K SF from SimpliSafe, the Boston Business Journal reported. The company plans to bring on 30 to 40 team members in the next year. Mirakl's former office was in Davis Square, where it had been for the last four years.
FINANCING
MassHousing closed on $44.6M in financing for six homeownership projects that will create 220 new affordable homes for moderate-income first-time homebuyers. The financing comes through the agency's CommonWealth Builder Program. The awarded projects are Acre Crossing in Lowell, 120-122 Hancock St. in Dorchester, 270 Talbot Ave. in Dorchester, the Northampton Residences in Roxbury, the Preserve at Olmsted Green in Mattapan, and Stonley Brookley in Jamaica Plain.
The CommonWeath Builder program was founded in 2021 and has committed a total of $68.7M to 14 projects across the state that would create 368 new homeownership opportunities, including 341 for first-time homebuyers.
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Boston-based TA Realty closed on its $1.8B Fund XIII, which will focus on acquiring industrial, multifamily and grocery-anchored shopping centers in major U.S. markets. The fund had an initial target of $1.2B. The Minnesota Board of Investment, the Illinois Municipal Retirement Fund and the Mississippi Public Employees' Retirement System were reportedly investors in the fund.
Longpoint Realty Partners also announced it closed on its third fund with about $940M. The fund, for which Longpoint aimed to raise $750M, will be used for small to midsized industrial investments in Atlanta, Boston, Dallas, New York, New Jersey, South Florida, Southern California, Baltimore and D.C.
PERSONNEL
Kelleher & Sadowsky Associates hired Dan Cordeau as executive vice president. In his new role, Cordeau will help grow the firm's life sciences sector and provide office leasing services to public and private companies in Massachusetts.
Cordeau has over 30 years of experience, including as director of leasing for the Massachusetts Division of Capital Asset Management and Maintenance, senior vice president of leasing for Greater Boston at Alexandria Real Estate Equities and senior vice president of leasing at JLL.
CONSTRUCTION AND DEVELOPMENT
Greystar celebrated the topping off of its Anthem Everett multifamily development in Everett. The project rises six stories and consists of 450 units in the Commercial Triangle District. The development is part of a $730M investment in the city by Greystar, with over 1,900 units coming to Everett. Anthem Everett is scheduled to deliver in mid-2024.
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Developer Oxbow Urban, along with MassHousing, the Boston Mayor's Office of Housing and DVM Housing Partners, held a ribbon-cutting ceremony for the Saige on Fountain development in Roxbury. The homeownership project brings 40 affordable units to the city that are set aside for first-time homebuyers making 55% of the area median income and above.
