This Week's Boston Deal Sheet
A Dallas-based developer proposed a new multifamily development in Westford, marking the largest project under the state's transit-oriented zoning law.
ZOM Living proposed a 530-unit apartment development at 37 Powers Road, the Boston Business Journal reported. The developer floated splitting the project's timeline into a 330-unit first phase and a 200-unit second phase.
The development is the largest allowed on the site under the state's MBTA Communities Act. The 2021 law requires towns and cities that have an MBTA transit stop or are within a half-mile radius of on to rezone for by right housing. The law would require the developer to install a sewer system.
The proposal comes after the town of Westford approved its zoning plan in April, which could pave the way for 4,915 units to be built. The town approved more than five times the unit minimum required under the law.
Other companies have also looked at developing in town, including the development of housing on the Nashoba Valley Ski Area property.
The proposal comes as the state's attorney general sued another town for not complying with the law. Milton residents shot down the town's proposed zoning in February, which put it at risk of losing state funding.
SALES
Miami-based Azora Exan acquired 149 Newbury St. from the property developer L3 Capital for $101M, according to public land records. The building opened last year with ground-floor tenant Alo Yoga. The building also saw a Google store and healthcare technology provider Zelis sign leases, the BBJ reported. This is the investor's third acquisition in the Boston market, following its $41M deal for 7 Post Office Square in August 2023 and its $39.1M purchase of 801 Boylston St. in May.
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The Isabella Stewart Gardner Museum acquired a 62-unit apartment building at 14 Palace Road and 11 Tetlow St. near the museum for $22.8M, the Boston Business Journal reported. The museum bought the property to make sure it wouldn't be redeveloped in a way that negatively affected the museum's art, real estate or guests. The museum intends to keep the property as housing and has hired a property manager to oversee it.
The seller, the Gilbert family, sold six other properties in Fenway and Longwood to Cambridge-based Forest Properties. CBRE’s Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller in both deals.
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Needham-based RK Centers acquired a shopping plaza in Malden for $26.3M, according to public land records. The firm bought the 80K SF Stop & Shop-anchored plaza from an affiliate of Orion Real Estate Group. The seller had purchased the property for $21.4M last year as part of a portfolio acquisition of properties in Massachusetts and Rhode Island.
LEASES
Architecture firm SGA expanded and moved its headquarters from 200 High St. to Nuveen's 99 High St., also known as the Keystone Building, in the Financial District, Banker & Tradesman reported. The firm moved into the 20K SF space in September after previously occupying 14K SF.
CONSTRUCTION AND DEVELOPMENT
Skanska completed renovations for Boston College's Higgins Hall and Northeastern University's Robinson Hall. The projects were to upgrade the educational facilities during the summer months in preparation for students' arrival in the fall.
The Northeastern project involved an $11M, 35K SF replacement of its five-story academic building. The Boston College project was a $2M demolition of the auditorium's seating and flooring. The BC project also upgraded the hall's electrical system, microphones, speakers and cameras.
