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January 5, 2011 
 
 

THE DEAL SHEET


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Sales

Rhode Island Homes paid $108M for the Bay State Affordable Portfolio, 931 apartments in ten complexes located in towns such as Wellesley, Needham, Sudbury, Reading, Winchester and Norton. Cushman & Wakefield’s Capital Markets Group of Simon Butler, Biria St. John, Michael Byrne, and Christopher Sower repped the seller, Equity Residential, and found the buyer.

***

 
Charter Realty & Development paid $56M for White City Shopping Center & White City East Shopping Center in Shrewsbury. White City Shopping Center is a supermarket anchored retail center on Route 9, just outside Worcester. The buyer is a JV of Charter and Acadia Strategic Opportunity Fund III, a discretionary investment fund managed by Acadia Realty Trust. Sovereign Bank provided financing. CBRE’s National Retail Investment Group of Chris Angelone, Jim Koury, Bill Moylan, and Nat Heald exclusively repped the seller and found the buyers.

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Rhode Island Homes purchased the SHP Rhode Island Portfolio for $54.8M. The ten property 708-unit affordable apartment portfolio includes properties located in Providence, Cranston, Cumberland, North Smithfield, Wakefield and Woonsocket. The seller was an affiliate of SHP Acquisitions. Cushman & Wakefield’s Capital Markets Group of Simon Butler, Biria St. John, Michael Byrne and Christopher Sower exclusively repped the seller and found the buyers.

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The Davis Companies & Sterling Organization partnered in the $13.5M purchase of the 105k SF LA Fitness Plaza shopping center in Palm Beach Gardens, Florida. This is Davis’ first deal since expanding into the Southeast in May. RJS Realty Group’s Steve Miskew repped the owner, Fairway Shoppes Joint Venture, a Texas general partnership between a fund advised by Prudential Real Estate Investors and Southeast Centers. The neighborhood shopping center is 90% leased, anchored by a new, 41k SF LA Fitness Sports Club, under a 15-year lease.

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The Mt. Vernon Co. paid $4.8M ($464 SF) last week for 86 and 120 Charles St. The 86 Charles St. building has 12 residential units and parking for four. 120 Charles St. has eight residential units, two of which have been combined to make one retail unit. Boston Realty Advisors brokered the sale.

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The Mount Vernon Company paid $4.6M for the Griggs Street Lofts, a 100-unit apartment development site in Allston at the corner of Griggs and Brainerd Road about five miles from downtown. Cushman & Wakefield’s Capital Markets Group of Simon Butler, Biria St. John, Chris Sower and Michael Byrne repped the seller, an affiliate of Leggat McCall Properties, and found the buyer.

                                                                                                    ***

An affiliate of Synergy purchased 253 Summer St. from Boston HSR South Boston for an undisclosed price. Cushman & Wakefield of Massachusetts’ Capital Markets Group of Robert E. Griffin, Jr., Edward C. Maher, Jr. and David J. Pergola and downtown specialist David A. Martel repped the seller and found the buyer for the 175k SF property built in 1902 by the Boston Wharf Company as a dry goods warehouse and renovated in 1986 and 1999 for offices that are 92% leased.

Leasing

Richard D. Kimball Company (RDK Engineers) renewed for six years, 36k SF at its HQ, 200 Brickstone Square in Andover, where it's been for 12 years. The 1M SF biz center is near the Rt. 495/28 interchange. FHO’s Michael Dalton repped RDK while Colliers Meredith & Grew’s Matthew Daniels and Christopher Lawrence repped the landlord, Transwestern, with CBRE’s Peter Dominski.

 

Construction

All Care VNA & Hospice broke ground on its new, $8M HQ in Lynn being built by Suffolk Construction’s Berry Division. The 40k SF facility will combine three North Shore offices and house Human Resources, Clinical, Information Technology, Scheduling, Development, Hospice, Finance, Marketing, Medical Records, and Facilities Departments. Construction started last month and is scheduled for completion in November.

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Wentworth Institute of Technology has a new Master Plan approved by the BRA that includes five new projects. Two are slated to break ground this year. One is the $10M construction of a 7k SF, two-story addition and the renovation of a 23k SF facility. The other is a $12 million, 18k SF, three-story addition to the rear of the Ira Allen Building with teaching labs, classrooms and offices for Wentworth’s math and science curriculum.

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Boylston Properties will build a new $62M, 183 room extended stay hotel at 121 Brookline Avenue adjacent to the LMA. Construction is expected to start in the fall on the mid-priced hotel that will add 24-hour activity and new retail to an underused block.

People

Farley White Interests has promoted Rita Sheridan to VP of Finance from Controller. She was the first employee of the firm when principal Sam Altreuter set up the management office in ‘03. Before joining Farley White, Rita was an Accounts Receivable Manager at CBRE. In her new role, she’ll be responsible for all finances of 27 properties, including accounts receivables and payables, payroll and day-to-day financial operations.

Please send your deals and announcements to Susan Diesenhouse, susan@bisnow.com
 
 
 
 
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