This Week's Boston Deal Sheet
Boston University has an agreement in place to sell its Huntington Avenue theater complex, and plans to reinvest the proceeds into a new performance space on campus.
Local developer John Matteson is heading up a local investor group that has agreed to purchase the 890-seat theater at 264 Huntington Ave, and two adjoining properties at 258 and 258 Huntington, for $25M.
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A fully leased, sprawling industrial property in Leominster has changed hands for $31.5M. Key Mass LLC has purchased the 588k SF building at 25 Tucker Dr from Calare Properties, which acquired the then-vacant building in 2012 for $11.65M, and subsequently invested $4M in upgrades.
LEASING
Kantrovitz & Associates has signed on for a 2k SF lease at the Strawberry Hill Corporate Center at 289 Great Rd in Acton. Since purchasing the building in 2014, landlord Campanelli has signed more than 30k SF in new and expansion leases. Avison Young repped both landlord and tenant.
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Berkeley Investments has tagged CBRE/New England as the exclusive leasing agent for a three-building, 310k SF flex and office portfolio. The portfolio consists of two single-story flex properties at 299 and 301 Ballardvale, and a two-story office building at 300 Ballardvale.
FINANCING
Madison Properties has tasked Colliers International to arrange debt and equity financing of $50M for a 235-room, dual-branded Hilton hotel in Woburn, which is scheduled to break ground later this year, and deliver in 2018. The hotels will be near the intersection of I-93 and I-95 at 369 Washington St, and consist of a 125-key Hampton Inn & Suites and a 110-room Homewood Suites.
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HFF has secured a $60.6M construction loan for a spec office development in Watertown on behalf of Boylston Properties, which is planning a two-story, 185k SF office property on the Aresenal Street corridor known as LINX.
THIS AND THAT
According to a recent report from Zillow, Cambridge has cracked the Top 10 list of cities with the highest percentage of rich Millennial households in the country, defined as those making more than $350k per year, and with a household head aged 34 or younger. Boston checked in at No. 13 on the list.
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The Boston Redevelopment Authority has approved a 295-unit apartment project at 125 Guest St in Brighton at the Boston Landing site, which is adjacent to the HQ for New Balance. Co-developers NB Development and HYM Investment Group have plans for units that range from studio to three-bedrooms, and up to 16k SF of ground-floor retail space.
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Data released by the Associated General Contractors of America shows that construction employment in the Greater Boston metro area jumped by 10% for the month of January.
