The Deal Sheet; Boston on Top
|OK, we'll let the Red Sox be the comeback kids this year. Turns out, when it comes to multifamily, Boston is already on top. We're HQ to two of the three top multifamily housing owners in the US, the National Multi Housing Council announced yesterday as it released its annual Top 50 Survey.|
|No. 1 is Boston Capital with 158,947 units, including the 95 for seniors at Capen Court Apartments in Somerville (above). BC'sDavid Gasson tells us that since ?08, they've been raising equity for affordable housing, about $550M last year, and building with their independent developer partners. The ?nice thing aboutaffordable housing, there's always a demand,? he says. No. 3 is Boston Financial Investment Management (145,454 units). No. 2 is Centerline Capital Group of NYC (152,600). Other top tier Boston firms are: No. 45 Berkshire Property Advisors (27,906), No. 46 AEW Capital Management (27,556) and No. 50 GID Investment Advisers (12,247).Sales Claremont Cos paid $54M in cash for the Blue Harbor Resort and Conference Center on Lake Michigan in Sheboygan, Wisc. The Bridgewater-based investment, development, and management firm acquired the 182-room resort in a JV with New Frontiers Capital. They plan to renovate and reposition the property from water park to corporate meeting and adult resort destination. Claremont uses its own equity to buy assets.|
|J&W South Street paid $7.8M or $243,750 per unit, for 31-35 South St, a 32-unit apartment building near Boston College in Brighton. Cushman & Wakefield's Capital Markets Group, including Simon Butler, Biria St. John, and Michael Byrne, repped seller The Mount Vernon Co and found the buyer.***|
|This building at 7 Story St in the heart of Harvard Square may be small, but it's got what it takes to attract a purchase price of$581,250 per unit for a total sale price of $2.3M, paid by Harvard Square Holdings. Cushman & Wakefield's Simon Butler, Biria St. John, and Michael Byrne repped the seller, 7 Story Street Inc and found the buyer.***|
|Nine years in the making, the $19M, 48-unit Thomas I. Atkins Apartments is leasing up its last apartments. The newly constructed building, revitalizing a site on Blue Hill Avenue that was vacant since the ?70s, was developed by Nuestra CDC and the Community Economic Development Assistance Corp.***F-Squared Investments is expanding its HQ into 9,000 SF at One Newton Executive Park in Newton, 6,000k SF of growth for the SEC registered investment advisor and a relo from Wellesley. The move is slated for June. Colliers International's Jim Elcock, John Carroll III, and John Dolan repped the landlord, J.F. White Properties. Grubb & Ellis? Dan Krysiak repped the tenant who will join Cigna and Merrill Lynch in the 113k SF park on Route 128, one quarter mile south of the Pike.|
| NFI, a supply chain solutions company, has leased 135k SF for a distribution center at 66 Saratoga Blvd in the Devens Industrial Park. Richards Barry Joyce & Partners' John Lashar, John Wilson,Paul Leone, and James Lipscomb repped the landlord, CrossHarbor Capital Partners. RBJ is the exclusive leasing agent for Devens Industrial Park.***|
EMI Strategic Marketing has leased the 9th floor at 15 Broad Stdowntown while retaining its space on the 10th floor for a total of 12k SF. Brown Wagner?s Kevin Brown repped the landlord, Broder Properties, for this renewal and expansion. Fairlane Properties'Michael Grill repped EMI.
Hospice of the North Shore & Greater Boston, the state's largest provider of hospice, palliative care, and bereavement services, has leased 5,400 SF for a new satellite office at 70 Walnut St in Newton Wellesley Executive Office Park in Wellesley. HNS, which has more space in Danvers, plans to move into Wellesley this month. Colliers International's Jim Elcock and John Dolan repped HNS while Grubb & Ellis? Dan Krysiak repped the landlord, The Nelson Cos.
KS Partners, a real estate holding company that owns and operates nearly 3M SF of commercial property in the Northeast, named Jones Lang LaSalle's Peter Richardson and Troy Coadyas exclusive leasing agents for a 564k SF office and R&D portfolio in Greater Boston. JLL will lease: 3 Riverside Dr in Andover, Fordham Business Park including 100-110 Fordham Rd in Wilmington, 47 Manning Rd in Billerica, and 19-21 Alpha Road inChelmsford. The buildings have modern office/R&D/flex space.
Testing, 1,2,3, the sound is clear, the offices soundproof, and corridors quiet at the new 215k SF Sloan School at MIT, says Acentech. It provided the acoustics and audiovisual consulting to the architectural design team of Moore Ruble Yudell andBruner/Cott Architects. The project required different environments and hearing conditions for classrooms, case rooms, and common areas considering interior noise and the traffic on Mem Dr.
Like many old Massachusetts cities and towns, Athol hopes to revive its center and is doing pre-construction planning for theadaptive re-use of the Maroni Furniture Building at 25 Exchange St. To study potential uses of the property, MassDevelopment hired Winter Street Architects of Salem, which found the building (constructed in 1874 as the Kendall Boot Factory) to be sound for commercial or residential re-use.
Spagnolo Gisness has added six new employees: Terry J. Harris(project manager), Jacob Higginbottom (project manager),Jeanine Delongchamp (project architect), Amanda Giroux (interior designer), Ryanne Bradshaw (interior designer), and Kristen O?Gorman (project designer).