The Deal Sheet
|The multifamily rush continues as General Investment & Development is negotiating a possible acquisition of the Oak Grove Village apartment complex for $185M from Fidelity Investments. GID declined to comment about a deal that hasn't closed. The 550-unit multifamily complex with ground-floor retail, built in phases completed in ’07 and ’09, is near the Oak Grove T-stop, spanning Malden and Melrose. Apparently, residents learned recently that a sale was possible. CBRE New England is handling the deal.***|
|A Cole Real Estate Investment affiliate has closed on the $93.5M purchase of Bedford Park, EMC’s former campus in Bedford, from Mariner Bedford Woods repped by Cushman & Wakefield, which also found the buyer. Mariner bought the office park for $95M in ’05|
***The AFL-CIO announced that it’s investing $90M to renovate the 338 units of affordable housing at Blackstone Apartments (West End) and Franklin Square House Apartments (South End) in Boston. The union’s Housing Investment Trust, a $4.4B fixed-income investment company, is providing financing. CWC Builders is the GC on the project that will keep the housing affordable for the next 20 years.***Synergy Investments paid $30.8M to Centurion Realty for a 139k SF portfolio of four Downtown Crossing/Financial District office buildings: 184 High St, 71 Summer St, 77 Summer St and 87 Summer St. NAI Hunneman’s David Ross and Gina Barroso repped the seller and found the buyer. NAI Hunneman’s David Cooney and Bonny Doorakian have been retained as exclusive leasing agents for the buildings.
| Lorraine Montrose paid $10M to Taymil LT for the 44-unit Lorraine Terrace Apartments in Allston, which was 100% occupied at sale time. CBRE’s Simon Butler and Biria St. John repped the seller and found the buyer. The 20’s-era apartment complex near Commonwealth Ave has easy access to the Green Line.FINANCING|
Laboure College has purchased a new campus at 303 Adams St in Milton to make room for its expanding student population, including many nursing and health sciences students. The $6.5M acquisition financing was arranged by Cushman & Wakefield’s Jay Wagner and Aaron Rosenzweig and was provided by Blue Hills Bank. Rob Griffin, Frank Nelson and Michael Greeley provided buy-side advisory services.
Snap Top Market, a new urban grocery concept created by Steve Napoli, whose family owns Idylwilde Farms in Acton, will open a specialty produce store at 303 Columbus Ave in the Bryant Back Bay luxury condo complex. Also, Urban Grape, a boutique wine shop, will move into the adjacent retail space. By the fall, both retailers plan to occupy the retail condos purchased by Linear Retail Properties in July.
|Eastdil Secured will be marketing the Park Plaza and Mandarin Oriental hotels, properties that might fetch a combined $450M—about $300M for the 941-key Plaza owned by Rockpoint and $150M for the four-year-old Mandarin, rated Five Diamond by AAA. Eastdil’s Capital markets team in Boston: James McCaffrey,Sarah Lagosh, Brian Barnett, Peter Joseph, and Christopher Phaneuf.|
*** New Realty Trust, owner of 1550 Soldiers Field Rd has tapped ABACUS Asset Management to provide facilities, property and asset management services for the 45k SF building at 1550 Soldiers Field Rd in Boston. The building’s former single tenant recently decided to vacate and Colliers International has been tapped by New Realty to lease the property renovated in 2000.