This Week's Boston Deal Sheet: Asian Supermarket Leases 90K SF At Natick Mall
A high-end Asian grocery store plans to take part of the former Wegmans space at the Natick Mall.
T Market plans to open at the end of this year in 90K SF in the mall, the Natick Report first reported.
"We look forward to welcoming T Market to our already dynamic lineup and immersive experiences," Jennifer Kearney, senior manager of Natick Mall, said in a statement to Boston.com last week. "Our goal is to provide fresh experiences and something for everyone, and T Market brings a distinctive retail concept that hasn’t been offered here before."
The lease comes two years after Wegmans vacated the 195K SF it had occupied at the mall since 2018. Wegmans' lease doesn't expire until July 2037, but it continued to pay its rent after closing.
The 1.7M SF mall is the largest in New England. Owner Brookfield Properties' $505M CMBS loan, which is tied to a 1M SF central portion of the mall, went into special servicing last year ahead of its maturity. But the firm secured an extension on the loan in March.
SALES
Marcus Partners sold two industrial properties in Taunton and Haverhill for $50M to an Ares Real Estate fund. The properties total 192K SF and were part of Marcus Partners' metro-centric East Coast portfolio. The properties, at 20 Constitution Drive in the Myles Standish Industrial Park in Taunton and 64 Research Drive in Haverhill, are both fully leased. CBRE's Chris Skeffington represented Marcus Partners.
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Cottonwood Residential sold a 249-unit apartment community in Westborough. Apollo Commercial Real Estate Finance bought the Parc Westborough building for $96M, according to public records. The development was built in 2016 and consists of four buildings and a clubhouse. CBRE's Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller and procured the buyer.
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Burlington-based RJK acquired an office building at 101 Station Landing in Medford for $11.75M, Banker & Tradesman reported. The property spans 160K SF across five stories. The building is connected to the MBTA's Wellington Station. RJK plans to make updates to the interiors and common area amenities in the office. Newmark's capital markets team represented the seller, James Campbell Co., and procured the buyer.
LEASES
Boston Semi Equipment signed a 20K SF lease at a flex manufacturing building at 9 Beaver Brook Road in Littleton. The semiconductor test manufacturer leased the property as part of its expansion plans. R.W. Holmes' Jim Bartholomew represented Rogers Properties Group, and Colliers represented the tenant.
FINANCING
KS Partners and Dinosaur Capital Partners were awarded a combined $7.4M from the state for office-to-residential conversion projects in downtown Boston. KS Partners was awarded $3.4M for its 80-unit redevelopment at 15 Court Square. Sixteen of those units will be income-restricted. Dinosaur received $4M to build 110 units, including 22 income-restricted units, at 31 Milk St.
PERSONNEL
Madison Park Development Corp. appointed Ingrid Tucker as CEO. Tucker joined MPDC in 2021 as deputy director and served as acting CEO since 2024. In her time at MPDC, she helped advance initiatives including the corporation's 2024-2026 strategic plan.
CONSTRUCTION AND DEVELOPMENT
The Beantown Cos. filed plans to add 47 units to the property at 1444-1446 Dorchester Ave. The developer plans to renovate the historic Clap-Field House, constructed in the late 1700s, and turn it into two multifamily units. The company also plans to construct an adjacent five-story building with 45 units, nine of which would be affordable.
