This Week's Boston Deal Sheet: Alexandria Sells Andover Asset For $67M
The Davis Cos. acquired a life sciences property in Andover from Alexandria Real Estate Equities.
The investment firm bought the property at 60-100 Minuteman Road from Alexandria for $67.3M, the Boston Business Journal reported. Alexandria had acquired the property for $58.7M in 2022.
The 383K SF property is part of a campus the life sciences REIT purchased in 2022 from Atlantic Management and Spear Street Capital for $341M. Alexandria secured permits to turn part of the campus into a biomanufacturing space for Flagship Pioneering. The property is occupied by Straumann Group.
Davis took out a $49.3M loan from M&T Bank for the acquisition.
The deal is the latest in a series of Boston-area sales for Alexandria. In February it sold a three-story office building at 138 River Road in Andover for $3.9M, down from the $14.3M the REIT bought it for in 2022.
Earlier this year, Davis closed on a $977M fund to invest in apartment, lab and warehouse assets in Massachusetts, Rhode Island, Florida, New York and Virginia.
SALES
New Hampshire-based Chinburg Properties sold its 59-unit Ellis Factory Lofts in Haverhill to SMC Management. The project was a redevelopment of the former home of Ted's Leather Goods in 2019. The apartment building is located in downtown Haverhill and is adjacent to the city's MBTA and Amtrak stations. CBRE's Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller and procured the buyer.
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Dorchester Brewing Co. co-founder Travis Lee sold the brewery’s Massachusetts Avenue property for $10.2M, the BBJ reported. The brewery entered into a sale-leaseback agreement with neighbor Plumbers & Gasfitters UA Local 12. The lease is on a year-by-year basis as the brewery assesses its needs. The sale proceeds will go to paying down its debt.
LEASES
Elliott Physical Therapy signed a 5,720 SF lease at National Development and AEW's Iron Works development in South Boston. The location will be its ninth practice in Massachusetts. The lease leaves a couple of rentable spaces remaining in the building, ranging from 1,700 SF to 8,100 SF.
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Health Care For All and Health Law Advocate signed an 11K SF lease at 70 Franklin St. in downtown Boston. The nine-story building is near the Downtown Crossing MBTA stop and the commuter rail. Cresa represented the tenant, and JLL represented the landlord, Germany-based Deka.
FINANCING
Rhino Capital bought and secured financing for a lab and office building at 2 Executive Drive in Chelmsford. The developer bought the 114K SF property for $14.5M and received $9.3M in financing from Rhode Island-based Bank Newport, according to public records. The property is fully leased to Rockwell Automation and Qorvo. Newmark represented the seller, Foxfield, procured the buyer and arranged financing.
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FAM Asset Management, Arx Urban and Boylston Properties closed on $58M in refinancing for their 525 Linc development in Allston. The loan was originated by Aareal Bank. The 80-suite co-living development opened its doors in January. The building's amenities include a roof deck, outdoor patios, a fitness center and a bike room.
CONSTRUCTION AND DEVELOPMENT
National Development completed construction on its 586 Manley St. project in West Bridgewater. The 211K SF logistics and distribution facility includes 36-foot clear heights, 37 loading docks and flexible layouts to accommodate multiple tenants. Cranshaw Construction served as the general contractor, and JLL will act as the leasing broker on the deal.
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King Street Properties celebrated the topping off of its 75 Jackson Road development at its Pathway Devens campus. The 211K SF building is its fifth project on the campus and is marketed to life sciences, greentech and advanced manufacturing companies. The building is expected to be complete in July.
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O'Connor Capital Partners broke ground on its 142-unit residential development in Watertown, the BBJ reported. The Elysian at Watertown Square is at 53 Pleasant St. and will include ground-floor retail and restaurant space. The developer is working with equity partners FrontRange Capital Partners and Japan-based Takenaka Corp., and it obtained a $44M construction loan from Sumitomo Mitsui Trust Bank.
