This Week's Boston Deal Sheet
GID has acquired the recently completed Hanover CambridgePark community from the Hanover Co for a reported $215M.
The 398-unit community is at 160 Cambridge Park Dr in Cambridge, and is Certified LEED Gold. On-site amenities include an outdoor lounge with televisions, a resident club, a theater and a private yoga studio. JLL’s Capital Markets team repped Hanover.
***
Intercontinental Real Estate has acquired a three-building, 426k SF office complex overlooking the Charles River from Beacon Capital for $304M. The property is at One, Two and 10 Canal Park, and is over 96% occupied to a roster of tenants that includes HubSpot and Philips Electronics.
Financing
Cushman & Wakefield’s Equity Debt & Structured Finance Group has arranged $43.5M in financing via Mesa West Capital on behalf of 201 Newbury – Prince LLC. Funding will be used to maximize proceeds at 201 Newbury St, a 24k SF luxury retail building in the Back Bay neighborhood.
***
CBRE/New England’s Debt & Structured Finance team has secured $9.2M in acquisition financing for Calare Properties, which will use the funds to purchase industrial/flex properties at 261 Cedar Hill St and 753 Forest St.
Leasing
Colliers International has executed five lease transactions spanning more than 20k SF at Norwood Park South, a three-building, 150k SF office park just off Route 1 in Norwood. The southwest team of Colliers repped the landlord, an affiliate of Brookwood Financial Partners, in the deals.
***
Jumbo Capital and Angelo Gordon have tapped NGKF as the exclusive leasing agent for the recently acquired Wells Center, a two-building, 330k SF office campus in Newton that will be re-branded as Wells Park.
This and That
The Boston Redevelopment Authority has approved nine projects across the city that are expected to deliver more than 1,100 new residential units. Among the approved projects is a $200M, 10.2-acre expansion of the South Bay Shopping Center proposed by Edens. It's slated to include 475 new housing units, 113k SF of retail and restaurant, a 130-room hotel and an AMC theater.
***
Gov. Charlie Baker has announced the state will kick in $1.1B to the affordable and workforce housing development and preservation programs. The investment is geared towards creating or preserving 5,000 affordable housing units by 2021.
