This Week's Boston Deal Sheet: BlackRock Acquires Weymouth Apartment Complex For $103M
A BlackRock fund acquired a multifamily development in southern Massachusetts.
Blackrock Realty Advisors bought the 298-unit The Commons at Southfield Highlands apartment community in Weymouth for $103M, according to public records. The property will be managed by Braintree-based John M. Corcoran & Co., Banker & Tradesman reported.
The property was developed in two phases by the Braintree company between 2012 and 2014. The apartment community consists of four buildings off Trotter Road.
CBRE's Simon Butler, Biria St. John and John McLaughlin represented the seller and procured the buyer.
The apartment community is on the development site of the former South Weymouth Air Station, once envisioned as a $1.5B mixed-use community spread across Weymouth, Abington and Rockland.
Plans for the 13M SF redevelopment were paused due to financial and legal issues for former owner LStar Ventures. The project, which has an updated design, is set to begin again under a new ownership team consisting of New England Development and Brookfield Properties.
SALES
Herb Chambers Cos. reached a deal to sell its dealership businesses and real estate to Georgia-based Asbury Automotive Group for $1.3B. The price includes $590M for its real estate assets. The deal includes 52 franchises, 33 dealerships and three collision centers.
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The Seyon Group acquired 40 Industrial Drive in Canton for $11.7M. The 59K SF light industrial building is off Route 128. The property is 100% leased to three tenants, including Dirty Dawg Sports. With the new acquisition, Seyon has 21 assets totaling 1.3M SF across the region. The seller, Berkeley Partner, was represented by CBRE.
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Sticks Investment Group acquired an industrial property at 242 Libbey Industrial Parkway in Weymouth for $4.7M. The 27K SF warehouse property was built in 2004, and tenants include Rexel USA, CrossFit 781 and Control Consultant. JLL's Michael Restivo, David Coffman and Tommy Hovey represented the buyer. Fulcrum Real Estate Partners was the seller.
LEASES
Picklr signed a 21K SF lease at 40 Ray Ave. in Burlington. The lease is the latest for the pickleball franchise, which has 71 total leases and 21 locations nationwide. The pickleball facility scheduled a grand opening in April.
The deal was brokered by Burgess Properties' Steve Nohrden, Charlie Jacob and Sam Peterson.
PERSONNEL
Bond Construction promoted Michael Landry to chief financial officer. In the new role, Landry will oversee all financial management for the company. Landry joined Bond in 2016 as a senior accountant.
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Gensler named Fran Noval co-managing director of its Boston office. She will work alongside Jared Krieger and succeeds Jeanne Nutt, who has served in the role since 2000. Noval joined Gensler in 2007 as a design manager, working her way up to studio director in 2019, her most recent previous role.
CONSTRUCTION AND DEVELOPMENT
Saugus-based San Angel Group proposed a six-story, 120-unit development in downtown Chelsea on a site that was once home to a fast-food chain and several single-story retail structures, Banker & Tradesman reported. The proposal would offer a mix of studio, one-, two- and three-bedroom units, and 18 of the 120 units would be income-restricted. The site is at 105-115 Park St.
