This Week's Boston Deal Sheet
The Bayside Resort Hotel in Cape Cod has sold for $10.7M.
An entity called Bayside Yarmouth LLC acquired the 128-room seaside resort property in West Yarmouth, according to public records. The seller was an entity linked to Rod Sroczenski. The hotel will be managed by Jamsan Hotel Management, according to a press release.
The property is situated on 3.95 acres and includes an indoor and outdoor pool, a fitness center, a family fun center and 2,300 SF of meeting space. The hotel is off Route 28, 63 miles south of Boston.
JLL Capital Markets' investment sales and advisory team led by Alan Suzuki, Matthew Enright and Emily Zhang brokered the deal.
Last year, two Cape Cod hotels, the Cape Codder Resort & Spa and Dan'l Webster Inn & Spa, were sold by the Catania Hospitality Group for a combined $53.6M, the Boston Business Journal reported.
SALES
Quincy-based Jumbo Capital acquired a seven-building office portfolio in Wellesley for $48.5M. Jumbo bought the portfolio from Haynes Management Inc., and the properties are mainly scattered in the Wellesley Hills neighborhood. Brookline Bank provided the firm with a $23.7M loan for the acquisition.
The properties in the portfolio are 40 Grove St., 326-332 Washington St., 16 Laurel Ave., 336 Washington St., 366 Washington St., 10 Prescott St. and 16 Prescott St. The individual sale prices for the buildings ranged from $1.3M to $15M.
FINANCING
MassDevelopment issued a $17.8M tax-exempt bond on behalf of 2Life Communities to demolish and renovate a vacant rest home in Waltham to build 68 units of affordable housing. The redeveloped property at 21 Newton St. will be called the Leland House and include a mix of one- and two-bedroom apartments. The project will be built to Passive House standards. Brookline Bank purchased the bond.
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MassDevelopment also issued a $12M tax-exempt bond on behalf of an affiliate of Allston Brighton Community Development Corp. to buy, renovate and preserve the Carol Avenue Apartments. The project will include the renovation of 29 affordable rental units at 6 and 10-12 Carol Ave. in Brighton. Construction on the property began in September and is expected to be completed in November 2024. Eastern Bank purchased the bond.
PERSONNEL
The Procopio Cos. promoted Shad Brook to chief operating officer. Brook has been with the company since the spring of 2021, working most recently as director of operational excellence. Before joining Procopio, Brook worked for Raytheon Technologies, Suffolk Construction and Gentex in various positions.
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Lightstone hired Chris Maciejczak to join the firm as senior vice president of life sciences. He will focus on the company's national and Greater Boston life sciences portfolio. Before joining Lightstone, Maciejczak was the vice president of life sciences operations at Boston Properties and a managing director at JLL. With Lightstone, he will lead the firm's life sciences team, from leasing and tenant management to overseeing all of its assets.
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Hobbs Brooke Real Estate added two new senior leaders. The Waltham-based firm hired Kerry Hawkins as senior director of asset management and Stephen Brodsky as director of operations and property management. Hawkins previously held senior director roles at Greystar and JLL, where she specialized in life sciences and capital markets. She also serves as president of CREW Boston.
Brodksy came from Piedmont Office Realty Trust, where he served as general manager and city lead. He oversaw the company's 1.9M SF Boston portfolio. Before that, he served as director of property and asset management for Lupoli Cos.
CONSTRUCTION AND DEVELOPMENT
Kismet Commerce plans to open a new coworking and warehousing facility for small businesses and e-commerce entrepreneurs. The company has already begun pre-leasing for the site, and construction for the facility is underway. Plans call for a March 2024 opening. The unit sizes range from 100 SF to 2,500 SF, and on-site amenities include coworking space, conference rooms and 24/7 security.
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Bozzuto welcomed the first residents to its Rowen at The Pinehills apartment building in Plymouth. The 178-unit, four-story apartment building includes a mix of one-, two- and three-bedroom units. The project was constructed in partnership with Bozzuto Construction Co., New England Development and Pinehills LLC, as well as institutional investors advised by J.P. Morgan Asset Management.
