This Week's Boston Deal Sheet
A 3-acre site in Hyde Park once slated for a major housing development is set to be auctioned off this month.
The site at 1717-1725 Hyde Park Ave., next to the Readville commuter rail station, is set to be auctioned on Jan. 14 after developer Ad Meliora Management filed for bankruptcy in December, the Boston Business Journal reported. The developer had won approval for a 273-unit apartment building called the Residences at Readville Station.
The development was also planned to include 3,600 SF of ground-floor retail, a pool, a courtyard and underground parking.
Ad Meliora didn't respond to Bisnow's request for comment. Northern Bank & Trust Co. provided a loan backed by the property in 2021. Auctioneer and appraisal company Paul E. Saperstein Co. scheduled the auction.
Troubles for the developer began in March, after it sought to eliminate 151 condo units from the project plan, citing financial challenges, Banker & Tradesman reported.
SALES
Oliver Street Capital and Bain Capital acquired a 186K SF industrial property in Wilmington for $49.5M. The property at 326 Ballardvale St. is 100% leased. The buyers obtained a $28M loan from the Institution for Savings, the Boston Business Journal reported. CBRE's Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Dan Hines marketed the property and represented the seller, Marcus Partners.
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Massachusetts Clean Energy Center plans to acquire a 42-acre port property in Salem, the Boston Globe reported. The quasi-public agency plans to close on a $30M deal with an affiliate of Florida-based shipping company Crowley. Crowley would remain the operator of the property and lease it from the agency. MassCEC plans to begin work on the site this year and open a new port in 2026.
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Alexandria Real Estate Equities sold properties at 380 E St. and 420 E St. in South Boston for $87M, the Boston Business Journal reported. A DHL Express facility at 420 E St. was sold to Oliver Street Capital for $48.4M, and the self-storage facility at 380 E St. was sold to Premier Storage Investors for $38.5M. Alexandria bought the properties for $168.5M in 2020. The life sciences giant said in its third-quarter earnings release it would take a $90.8M impairment change on the planned sale of a pair of Boston properties.
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An affiliate of Westbrook Partners acquired two Braintree industrial properties for $77.5M, Banker & Tradesman reported. The sale includes a 494K SF warehouse at 175 Campanelli Drive and a 3.6-acre parcel at 185 Campanelli Drive. The seller, TPG Angelo Gordon, bought the properties for $55M in November 2020.
LEASES
Law firm Sherin and Lodgen signed a 15-year, 26K SF lease at Fortis Property Group's One Lincoln, Banker & Tradesman reported Tuesday. The firm plans to occupy the entire 14th floor of the office building, filling space vacated by State Street. The law firm is relocating from 101 Federal St., where it has been since 2003, with a term expiring in December 2024.
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Activision Blizzard Inc. plans to sublease 27K SF at Boston Properties' The Hub on Causeway, the Boston Business Journal reported. The video game giant would sublease space from Verizon, which had signed a 20-year, 440K SF lease. In 2022, the company subleased more than 100K SF to Verily and put another 190K SF on the market in early 2023.
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Lyra Therapeutics agreed to sublease 24K SF at 880 Winter St. in Waltham from RVAC Medicines Inc. The sublease is just a portion of the 37K SF space, according to a December Securities and Exchange Commission filing. RVAC signed the lease at the Boston Properties-owned life sciences building in December 2021, and Lyra was expected to move into the property on Monday.
FINANCING
Madison Realty Capital gave developer Scape a $177.5M loan to refinance its 415-unit property at 1252-1270 Boylston St. near Fenway Park. The loan will be used to pay off a $165M construction loan Madison provided the developer in 2020. Scape began construction in 2020 on the 15-story, 225K SF property. It began leasing the project in December 2022, and it said the apartments are now 95% leased and the retail space is 80% leased.
