This Week's Boston Deal Sheet
The Grossman Cos. has acquired a shopping plaza in Quincy for $41.5M.
The 100K SF retail plaza at 130-132 Granite St. is anchored by a Star Market and a Walgreens. The property is 7.1 acres.
"We are excited to own this well-located property in the heart of the City of Presidents," TGCI President Jacob Grossman said in a statement. "Our commitment to Quincy remains strong, and we look forward to the continued evolution of this property over the coming decades."
CBRE's Nat Heald led the marketing campaign for the property on behalf of the seller, Florida-based Regency Centers. An affiliate of the Grossman Cos. took out a $25.5M loan from Salem Five Bank to buy the property, the Boston Business Journal reported.
Grossman Cos. owns a diverse portfolio of assets including retail, office, industrial, self-storage and residential properties throughout New England. The company is a fifth-generation family business.
SALES
Framingham-based Taymil Partners acquired 34-50 Central St. in Wellesley for $3.5M from Edens, according to public records. The buyer bought three mixed-use buildings totaling 41K SF that are nearly 73% leased to tenants including Lululemon and Faherty Brand.
The property is also next to the Wellesley Square commuter rail stop and a 113-space public parking lot. Newmark's Robert Griffin, Jonathan Martin, Paul Penman, David Douvadjian Sr., Timothy O’Donnell and David Douvadjian Jr. represented the buyer in securing financing.
FINANCING
Steward Health Care secured commitments for a new $225M loan to maintain operations at its 31 hospitals until the end of the month when it is scheduled to sell them all at auction. The capital injection still needs to be approved by a bankruptcy judge. The healthcare operator owns eight hospitals in Massachusetts.
CONSTRUCTION AND DEVELOPMENT
The Boston Planning & Development Agency approved a zero-carbon zoning initiative that would set a net-zero emissions requirement for developments filed after July 1, 2025, that have at least 15 units or a minimum of 20K SF. The policy still needs to be approved by the Zoning Commission.
The BPDA also approved projects at its meeting, including a 318-unit apartment building at 22-24 Pratt St. in Allston, a 48-unit residential project at 257 Washington St. and an all-affordable 26-unit project at 157 Humboldt Ave., both in Dorchester, and a 28-unit development at 9 Geneva St. in East Boston.
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The Community Builders is scheduled to hold a groundbreaking for its 65-unit apartment building in Provincetown on Tuesday. The mixed-income development named Province Post would include market-rate and income-restricted units for those making up to 30% of the area median income and others for up to 80%.
The development is at 3 Jerome Smith Road in Provincetown. Those planning to attend the groundbreaking include Lt. Gov. Kim Driscoll, Provincetown Town Manager Alex Morse and Executive Office of Housing and Livable Communities Secretary Ed Augustus.
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WS Development opened The Street Chestnut Hill's 90K SF expansion at 27 Boylston St. New retailers include Alo Yoga, Arc'teryx, Marine Layer, Roller Rabbit and Reformation. The renovation of a former movie theater is spread across three floors and connects two sides of the retail property.
The project also includes some office space that will be occupied by Coldwell Banker Realty, Hammond Residential Real Estate, Weiner Ventures and New England OB/GYN Associates. The owner plans to hold an opening celebration on Saturday.
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The Cruz Cos., one of the oldest black-owned construction and real estate firms, completed a new 99-unit housing complex in Dorchester. The firm completed its Residences at Harvard Commons, which consists of 54 market-rate single-family homes and 45 affordable apartment units. The development took more than 20 years and $25M to complete. The project received a $1.9M MassWorks grant from the Massachusetts Executive Office of Housing and Economic Development.
