This Week's Boston Deal Sheet
Private equity giant Blackstone has sold an apartment community on the Canton-Randolph border, more than doubling its investment five years after buying the property.
The firm sold the Prynne Hills apartment building for $143.5M to an entity linked to Friedkin Property Group, Banker & Tradesman reported. Blackstone bought the property for $61M in 2018.
The 473-unit apartment complex at 9 Bay Drive was completed in two phases in 2008 and 2013. The apartments range from one-to-three-bedroom units. The site has amenities including fitness centers, a pool, a clubhouse, a dog park and a community kitchen, according to its website.
Major institutional players like Blackstone have been active in Boston's multifamily market all year, although more commonly on the buyer's side of the table.
In August, Bridge Investment Group acquired a six-property multifamily portfolio in Shrewsbury, Billerica, Marlborough, Stoughton and Marshfield for $460M. Brookfield Properties bought one of Boston's largest apartment buildings, the Church Park apartment complex, for $439M in May from The United Co. At the beginning of the year, Tishman Speyer bought The Eddy apartment building in East Boston for $135M from The Green Cities Co.
SALES
Food packaging company Garlock Flexibles has closed on a $9.6M sale-leaseback agreement with Philadelphia-based Valley Forge Private Equity for an industrial property at 77 Industrial Rowe in Gardner. The company entered into a long-term lease agreement to remain at its one-story, 113K SF building. JLL's Lenny Pierce and David Coffman represented Garlock, and Coler Yoakam and Alex Sharrin helped secure the lease for the buyer.
PERSONNEL
Former CBRE broker Chris McCauley joined JLL's healthcare team as a senior vice president. In his new role, McCauley will focus on managing the firm's national healthcare portfolio while supporting other asset classes, including office, lab, clinical and industrial.
Before this role, McCauley was a senior vice president at CBRE for five years, a partner at Transwestern for four years and a senior vice president of Richards Barry Joyce & Partners for nine years. He has worked in an array of industries focused on life sciences, healthcare and technology. McCauley has represented clients such as Merck & Co., Beth Israel Lahey Health and the Dana-Farber Cancer Institute.
LEASES
Foundation Medicine has made 125K SF available for sublease at its yet-to-be-occupied Seaport headquarters, the Boston Business Journal reported. The Kendall Square-based biotech firm signed a 580K SF, full-building lease in 2019 at WS Development's 400 Summer St. A CBRE flyer markets space on the 12th through 15th floors of the 16-story building. The company is set to move to the Seaport next month, with Foundation Medicine saying that the listing won't “change our footprint in Boston or impact space available for employees.”
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Brooklyn-based Mia's Bakery will open its first Boston-area location at WS Development's The Street Chestnut Hill. The bakery also plans to open locations in the Seaport in Boston and Derby Street Shops in Hingham. Mia's is one step closer to opening a shop in the Seaport's Superette shopping center after going in front of the Boston Licensing Board, the Boston Business Journal reported.
FINANCING
Campanelli secured $38.2M in financing to expand its 341-acre The Park at Beaver Brook office complex in Boxborough. The site has 52 acres of developable land that can accommodate roughly 650K SF of new development.
The financing will be used to build a new food hall and 64K SF facility for TÜV Rheinland, which is consolidating its office in Littleton and moving onto the campus. The project is expected to open in the first half of 2024. The loan was provided by Cambridge Savings Bank.
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Argentic Real Estate Investment and Hillcrest Finance provided a $78M refinancing for a five-property industrial portfolio owned by Griffith Properties and Dune Real Estate Partners, Commercial Observer reported. The joint venture bought the Boston Logistics Portfolio in November 2020 for $76M.
The buildings total 631K SF and are located at 63 and 91 Sprague St. in Boston. Newmark's Jordan Roeschlaub, Dustin Stolly, David Douvadjian, Chris Kramer, Tim O’Donnell, David Douvadjian Jr., Ben Kroll and Holden Witkoff arranged the debt financing.
THIS AND THAT
LeBaron Hills Country Club and its 18-hole golf course will be put up for auction on Dec. 6, the Boston Business Journal reported. The property includes a 39K SF clubhouse with a restaurant and bar, banquet space, locker rooms, a gym and a pro shop. An entity linked to Stoughton-based construction firm A.A. Will Corp. is the owner of the property, the BBJ reported.
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The annual holiday retail pop-up Snowport opened in the Seaport District on Friday. The pop-up is a partnership between WS Development and Constant Contact and features over 120 vendors and 10K SF of dining space with several local food and drink vendors.
