This Week's Boston Deal Sheet: Investor Buys 50% Stake In Dedham Shopping Center At $350M Valuation
A New York investment firm acquired a stake in a large shopping center in the inner Boston suburbs.
Madison International Realty acquired a 50% stake in the 580K SF open-air shopping center Legacy Place in Dedham. WS Development has the other half of the ownership interest.
The parties didn't disclose the price, but the Boston Business Journal reported the deal values the property at $350M.
JLL's Chris Angelone, Zach Nitsche and Hugh Doherty led the team that represented the seller of the ownership stake, Nuveen Real Estate.
WS Development has been the owner and manager of the Dedham shopping center since 2009. This is Madison's second partnership with WS, acquiring a partial ownership interest in MarketStreet in Lynnfield in 2019.
"A leading retail and lifestyle destination for greater Boston, we expect centers like Legacy Place to continue to see strong footfall and consumer demand in line with changing lifestyles and the retail resurgence," Madison International Realty President Ronald Dickerman said in a press release.
SALES
An entity linked to Salt Lake City-based Bridge Investment Group acquired an industrial property in Malden for $15.4M, according to property records. The firm bought the property at 185 and 197 Commercial St. in Malden from NorthBridge Partners. The property is occupied by Beacon Building Products.
LEASES
Gazit Horizons secured a lease with New York-based PopUp Bagels for its 50K SF mixed-use building in Harvard Square. The bagel company will take up space at the six-story property at 1430 Massachusetts Ave., its third location in the state, according to its website.
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Social wellness club Remedy Place signed a 10K SF lease at WS Development's 370 Summer St. in the Seaport. The location will be Remedy Place's first in New England and its largest anywhere — it has others in New York City and Los Angeles. The club is set to open in the spring. Bialow Real Estate's Brett Groper and Andrew Jaffe brokered the deal, founder Corey Bialow announced on LinkedIn.
FINANCING
WinnCos. and Boston Housing Authority obtained a $70M construction loan for the first phase of their Mary Ellen McCormack public housing redevelopment in South Boston. The loan consists of $62M for the apartment building and $8M for infrastructure work.
The 112K SF apartment building will include 94 units designated for low-income families to relocate from other portions of the public housing complex. The building is expected to deliver in the fall of 2026.
CONSTRUCTION AND DEVELOPMENT
The Boston Planning Department approved 488K SF of new development that would include 171 new housing units. Notable projects include City Realty's 17 Bradston St. lab project in the Newmarket Innovation District. The project would include 319K SF of lab, light industrial and commercial space. Other projects include KS Partners' 15 Court St. office-to-residential conversion and Harvard University's 10-year institutional master plan.
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Inland Real Estate Investment Corp. and Devon Self Storage completed construction of a 60K SF self-storage facility in Springfield. The property is at 2155 E. Columbus Ave., which previously served as a factory building. The new development consists of three interconnected buildings encompassing 601 self-storage units.
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The city of Boston, Pine Street Inn and The Community Builders celebrated the opening of 3368 Washington St. in Jamaica Plain. The building is the region's largest permanent supportive housing project with 202 apartments. Of the 202 units, 140 are for those previously experiencing homelessness and 62 are for income-eligible families.
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Bentley University unveiled plans to build an artificial intelligence and 3D-printing lab as part of its upgrades to its Adamian Academic Center. The project is part of the school's $85M capital project, the Boston Business Journal reported. Construction is set to begin in the spring and complete in fall 2027.
