This Week's Boston Deal Sheet: Cambridge Lots Sell To Affordable Housing Developer
A social services organization acquired two parcels near Porter Square to build more affordable housing in Cambridge.
Cambridge-based Just A Start acquired two parking lots at 1826 and 1840 Massachusetts Ave. in Cambridge for $10.5M, according to public records. The sites are near the Porter Square MBTA station.
The acquisition was financed by the Cambridge Affordable Housing Trust, and Lesley University was the seller. Just a Start, which manages more than 600 affordable apartments and supports 1,500 residents, hasn't finalized its plans but said it envisions affordable housing with ground-floor retail.
“This acquisition offers a rare opportunity to bring affordable housing to a prime location, strengthening Cambridge’s diverse and equitable community,” Just A Start Executive Director Carl Nagy-Koechlin said in a statement. “With the input and collaboration of neighbors, we look forward to creating a development that reflects shared values and addresses urgent housing needs.”
The sites total 25K SF of land, according to a Cushman & Wakefield flyer marketing them as development sites. They are within 10 minutes of the Massachusetts Institute of Technology, Harvard University, Massachusetts General Hospital and Kendall Square.
SALES
Chestnut Realty Management acquired the 32K SF Woburn Plaza shopping center at 299 Mishawum Road from Linear Retail Properties. The plaza sits next to Woburn Village, which includes a 350-unit apartment community, and a retail center anchored by Market Basket. CBRE's Nat Heald, Kyle Juszczyszyn, Connor Scott and Jordana Roet led the team involved in the sale.
LEASES
WS Development welcomed three new retailers to its Mansfield Crossing shopping plaza. The Fresh Market, Sephora and Sweetgreen signed leases at the 383K SF shopping plaza. Sweetgreen opened in November, The Fresh Market plans to open this month, and Sephora plans to open in 2025.
CONSTRUCTION AND DEVELOPMENT
KS Partners filed an application with the Boston Planning Department to convert its 15 Court Square office building into 80 residential units. The proposal would take advantage of the city's Downtown Residential Conversion Incentive Pilot Program. The project would create 42 studio apartments, 20 one-bedroom units and 18 two-bedroom units. The conversion would take place on the second through 11th floors.
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Market Basket is seeking to redevelop a Showcase Cinema in Seekonk into a grocery store and other retail buildings, the Boston Business Journal reported. Demoulas Super Markets paid $9.5M to acquire the property, and it is reportedly leasing it back to Showcase for an undisclosed period. The buyer said in a state environmental regulatory filing that it plans to open a grocery store in the largest of the buildings.
