Northeastern Gets Green Light On Arena Redevelopment And More: The Boston Deal Sheet
On Thursday, the Boston Planning Department gave its seal of approval to Northeastern University's 10-year institutional master plan.
The plan includes eight separate projects, the largest of which is the redevelopment of Matthews Arena to create a sports venue with as many as 5,300 seats.
The plan also calls for a 1,050-bed dorm at 1 Forsyth St. and a 230-bed building to replace two existing dormitory buildings.
With the agreement, Northeastern will contribute roughly $15M to the city for affordable housing programs, more than $10M for public realm and sustainability improvements, and just under $1M for workforce training.
Northeastern also reached a payment-in-lieu-of-taxes agreement with the city that would commit more than $49M in cash and community benefits over the next five years.
"Our five-year PILOT agreement sets a new standard for higher annual cash payments and community benefits at a time when Boston taxpayers need relief," Mayor Michelle Wu said in a statement.
At last week's meeting, the Planning Department also approved eight projects consisting of 671K SF. The approved projects include 315 housing units, 83 of which will be income-restricted.
Other approved projects include two office-to-residential conversions at 150 Milk St. and 95 Berkeley St.
SALES
The Fieldstone Marketplace at 500 Kings Highway in New Bedford sold for $12.2M. The buyer was an entity linked to Zi Qian Zhang, of Fall River, and the seller was WHLR Real Estate Investment Trust.
The plaza encompasses 192K SF and is anchored by Ollie's Bargain Outlet and Restaurant Depot. CBRE's Nat Heald, Connor Scott and Jordana Roet represented the seller and procured the buyer.
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Sagard Real Estate acquired a 67K SF industrial facility in Woburn for $17.8M, according to deed records. The building at 8 Roessler Road was built in 1980 and includes 24-foot clear heights and LED lighting.
It is occupied by Atlantic Plywood. Oliver Street Capital was the seller.
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Marcus Partners and Rhino Capital acquired a five-building industrial portfolio in Chelmsford and Medford for $40.5M.
The properties are at 27 Industrial Ave., 187 Billerica Road, 10 Elizabeth Drive and 16 Progress Ave. in Chelmsford and 118 Mystic Ave. in Medford. The portfolio consists of 307K SF.
Citizens Bank provided acquisition financing for the deal.
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Foxfield sold a 45-unit multifamily community at 50 Broadway in Beverly for $11M, according to deed records. The company acquired the property in 2021 in partnership with Taymil Partners and was part of Foxfield's Beverly Residential Portfolio.
Walker & Dunlop's Kevin Gleason and Henry Smith facilitated the sale. The Grossman Cos. was the seller.
LEASES
State Street signed a 162K SF lease at National Development’s The District Burlington. The office is at 700 District Ave. and expands its previous lease by 15K SF.
Pressed Café and Tuscan Kitchen have also renewed leases at the campus until 2037.
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Converge renewed its 77K SF lease at Combined Properties' 4 Technology Drive in Peabody. The technology company has been there since 2000.
Combined Properties' Greg Regazzini represented the landlord, and Newmark's Torin Taylor represented the tenant.
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Labshares signed a 58K SF lease at The Davis Cos.' 225K SF 66 Galen St. in Watertown. The shared-lab operator has doubled its Greater Boston footprint to more than 100K SF.
With the new lease, 66 Galen St. is now 95% leased.
The space will open in two phases, with the first phase set to open in the second quarter and the second in Q4 2026.
The lab operator will also continue operating sites at 55 Chapel St. and 90 Bridge St. in Newton.
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GSC USA renewed its 231K SF lease at 175 Pioneer Drive in Leominster, the company announced Wednesday. The landlord of the building is Arris Partners.
Savills' Steve Woodworth and Mitch Kumin represented GSC, and Arris represented itself.
FINANCING
CMK Development partners secured $14M in financing for the acquisition and redevelopment of 57 Exchange St. in Worcester. The financing consists of a $10M construction loan and a $4.5M bridge loan with Westfield Bank.
The project, known as One Exchange Place, would include a 44-unit multifamily project and ground-floor retail space.
The property was the former home of the Worcester Police headquarters, the Worcester District Court building and the Commercial Street Fire Station.
Kelleher & Sadowsky Associates' Meghan Liddy and Chris Naff arranged the financing.
PERSONNEL
Suffolk Construction hired Kevin Quigley as executive vice president for enterprise strategy. In the new role, Quigley will help lead the company's strategic planning and growth initiatives.
Quigley worked at Choate, Hall and Stewart for the last decade, serving as a principal in the litigation department.
