Suburban Industrial Campus Sells For $79M: The Boston Deal Sheet
A six-building industrial campus in Billerica has traded hands.
Gem Realty Capital bought the Axis Park North campus from Camber Development and Wheelock Street Capital, according to a press release from Newmark, which described it as a $79M recapitalization.
Property records show separate deed transfers from Wheelock Street and Camber for $74.5M and $4.5M, respectively.
An entity linked to Wheelock acquired the campus in 2021 for $60.6M from Westport Capital Partners, property records show.
The 38-acre, 450K SF campus was developed in stages between 1985 and 2001. It has attracted several companies in the medical device manufacturing, biotechnology, clean tech and robotics industries.
During their ownership, Camber and Wheelock secured more than 270K SF of leases with companies including ASMPT AEi, Generac Power Systems and SuperConducting Systems.
"Axis Park North has been well leased and meticulously maintained by Camber Development," Newmark Executive Managing Director James Tribble said in the release.
Tribble brokered the deal along with Newmark's Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, William Sleeper, Tony Coskren and Brian Pinch.
SALES
An entity linked to the Delaware Life Insurance Co. has purchased an office and retail building in the heart of Harvard Square for $55M, Banker & Tradesman reported. The 35K SF building at 1390 Massachusetts Ave. and 6 JFK St. in the Cambridge neighborhood is anchored by a CVS Pharmacy. Waltham-based 1834 Realty Inc. was the seller.
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New Jersey-based Veris Residential sold a 365-unit Worcester apartment building to Jones Street Investment Partners for $122.2M, the Worcester Business Journal reported. The building at 145 Front at City Square is a redevelopment of the Worcester Galleria. Veris constructed the building in 2018 for $97M.
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The state reached a settlement agreement to pay $66M to acquire St. Elizabeth's Medical Center by eminent domain, The Boston Globe reported. The price is nearly 15 times the $4.5M the state initially offered to pay and well below the nearly $200M lender Apollo Asset Management sought during court proceedings. The hospital was owned by Medical Properties Trust and was managed by bankrupt Steward Health Care.
LEASES
National Development secured more than 130K SF of lease renewals with three companies at its 1.3M SF The District campus in Burlington. Software company Comsol signed a 10-year, 45K SF lease extension and expansion at 100 District Ave. Black Duck Software signed a seven-year, 45K SF lease renewal at 800 District Ave. Flexible workspace provider Regus signed a seven-year, 43K SF lease renewal at 1500 District Ave.
FINANCING
MassDevelopment issued a $14M tax-exempt bond for the acquisition and renovation of a human services facility in Chelmsford. The bond was provided to Incompass Human Services Inc. to acquire 4 Omni Way, which the company occupies. Renovations to the building include updating its HVAC system. Salem Five Bank purchased the bond.
PERSONNEL
Mike Brucato has been promoted to executive managing director and market lead for Boston at CBRE. He took on the role at the start of July, the Boston Business Journal reported. Brucato began his career in Raleigh, North Carolina, but moved to Boston early on. He has been a broker at CBRE over the past decade, taking on several roles, according to his LinkedIn page.
CONSTRUCTION AND DEVELOPMENT
Supreme Cos. proposed a 1.5M SF mixed-use redevelopment in Dedham on an underdeveloped parcel, B&T reported. The project, dubbed The Campus at 128, would be built on a 57-acre site that includes the Church of St. John of Damascus. The company plans to break ground in two years on the project, planned to include more than 600 apartments, 870K SF of commercial space and a 100K SF hotel.
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Wentworth Institute of Technology filed plans for an 18-story student housing tower on Huntington Avenue. The 222K SF project would consist of 964 student beds, according to the filing. Pike Residence Hall would replace a surface parking lot. The building would also include three community director apartments, student support spaces, dining, and wellness and gathering spaces.
