This Week's Boston Deal Sheet
Brookline officials have launched an effort to rezone a half-mile stretch of land on Route 9 to spur new development.
The zoning could open the door for new opportunities, including for Boston-based City Realty, which is under agreement to buy the 5-acre Chestnut Hill Office Park at 1280-1330 Boylston St., the Boston Business Journal reported. Of the property's four buildings, three stand empty.
If rezoned, the area could become home to new uses, including lab space, in which the town has shown particular interest. Brookline officials are eager to change the zoning and aim to have proposed zoning changes in by early fall and finalized guidelines by the end of the year.
The area, along the Newton-Brookline border, has already benefitted from development on the Newton side, with WS Development's The Street shopping center and New England Development's Chestnut Hill Square plaza. Officials envision the same success on Brookline's side.
SALES
New York-based investment firm Certares and Belcourt Capital Partners acquired the 390-room Hilton Boston Back Bay hotel from Ashford Hospitality Trust for $117M. Ashford previously announced in February it reached an agreement to sell the hotel, but it didn't disclose the buyer at the time. The property is one of 12 hotels Ashford said it is selling to pay off its $2.6B in debt.
The hotel features a 209-space parking garage, a restaurant, a fitness center and outdoor space. JLL's Kevin Davis, Alan Suzuki, Matthew Enright, Stephany Chen, Emily Zhang, Barnett Wu and Jonathan Schneider were involved in the sale and financing of the deal.
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D.C.-based Carr Properties sold its 50% stake in Rockpoint Group's 850K SF building at 75-101 Federal St., the Boston Business Journal reported. The deed listed a sales price of $10, which doesn't account for any outstanding debt or other considerations. The firm bought the 50% stake for $242.5M in March 2020 on the same day the coronavirus pandemic was declared a national emergency. The firm's Boston portfolio now includes One Congress and 200 State St.
LEASES
Lincoln Property Co. brokered two sale-leaseback deals in Greater Boston that totaled $32.5M. Rhino Capital Advisors acquired 3 Perkins Way in Newburyport for $25M from book printing company Bradford & Bigelow, which signed a 15-year lease to stay at the 140K SF warehouse. Lincoln's Tim Latham, Rob Cronin, James Tambone and Chris Devaux represented the seller.
Shearwater Cos. acquired 47 Constitution Blvd. in Taunton for $7.5M from manufacturer CBM Industries. The manufacturer signed an eight-year lease for the 34K SF warehouse. Lincoln's Latham, Tambone and Devaux represented Shearwater.
FINANCING
TPG Real Estate Credit provided a $104M loan to refinance the six-story Dock Square Garage at 20 Clinton St. The property is owned by Silverstein Capital Partners and investment vehicles managed by Rialto Capital Management. The property features 698 parking spaces and 16K SF of retail. Newmark's David Douvadjian Sr., Timothy O'Donnell, David Douvadjian, Jr., Conor Reenstierna and Robert Griffin brokered the deal.
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MassDevelopment and Eastern Bank provided a $24.5M bond to an affiliate of The Neighborhood Developers Inc. The bond will help the developer buy a parcel at 170 Cottage St. in Chelsea to develop a 66-unit affordable housing project. The 76K SF project is planned to include 12 one-, 43 two- and 11 three-bedroom units.
The units would be rented to households making up to 60% of the area median income, with 10 units reserved for 50% AMI and 18 for 30% AMI.
PERSONNEL
Jennifer Schultz, Adam Weisenberg and Jordan Smith have joined Nixon Peabody's Boston office, with Schultz leading the firm's permitting and land use team. Schultz, Weisenberg and Smith were previously a part of Sullivan & Worcester's permitting and land use team. In their new roles, the team will help expand the firm's government relations and policy development around land use and zoning.
CONSTRUCTION & DEVELOPMENT
The Boston Planning & Development Agency approved five projects that represent 1.9M SF of new development at its Thursday board of directors meeting. The most prominent development approved was Core Investments' first phase of its On The Dot development, a 1.4M SF project including three life sciences/office buildings and two residential buildings. The residential buildings would have 237 market-rate units and 94 units of senior housing.
The BPDA also approved KS Partners' 85 Devonshire St. and 258-262 Washington St. project that would convert three office buildings into 95 units of housing. Related Beal and Dream Development were also selected to develop the Boston Water and Sewer Commission parking lots in Roxbury into 402 apartments.
