This Week's Boston Deal Sheet
Purchased three years ago for $11M, 333 Summer St just sold for $74.25M to a partnership of Lincoln Property Co and Maryland-based ASB Capital Management. You may recall the five-story, 117k SF office building also recently survived a fire.
Synergy Investments and San Francisco-based DivcoWest Properties purchased the building in 2013 for $11M. While work was first underway to convert the building to offices, a fire tore through the space. Now, renovations have been completed and tech firm LogMeIn is signed on for a 12-year lease.
Financing
Cornerstone Realty Capital has arranged $12M in acquisition financing for Trident Management to purchase the Reading Depot Apartments. The complex consists of eight buildings with 12 units each, from studio to two-bedroom, and is walking distance to the Reading Depot station.
Leasing
Pellion Technologies is relocating its HQ to 15k SF at 10 Gill Street in Woburn. The MIT-founded battery tech firm has been operating out of a small space at 625 Mount Ashburn St in Cambridge and plans to move by April.
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This and That
JLL Construction has expanded the roster at its Boston office with several new hires, including Brian Keenan and Roy Medina, who will serve as senior construction manager and senior estimator, respectively. The company now employs 30 in its Boston office.
Sales
Nesmith Park LLC has sold a 67-unit multifamily portfolio in Lowell’s Belvidere Neighborhood to 330 Lowell LLC for $7M. The portfolio consists of a 24-unit building at 330 Nesmith St and a 43-unit complex at 61-83 Park Ave West. NAI Hunneman repped the seller and procured the buyer.
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Boston Scientific has sold its Quincy warehouse complex at 500 Commander Shea Blvd to FedEx for $31.5M. The company will lease back space at the 1M SF, two-building complex from FedEx.
Development
Nordblom Development has submitted a proposal to build a 216k SF office building at 321 Harrison Ave, a site adjacent to a 300-space parking garage and an 11-story office building at 1000 Washington St.
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Developer Doug George has proposed a 45.5k SF mixed-use development at 33-39 South Huntington Ave in Mission Hill. Plans call for a five- to six-story building with 38 units ranging from one- to three-bedrooms and roughly 7k SF of ground-floor commercial space.
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Trinity Financial has plans to redevelop the 331-unit Orient Heights public housing complex in East Boston over four phases beginning this fall. Plans call for new two- to five-story townhomes and mid-rise buildings to replace the aging complex.
