This Week's Boston Deal Sheet: Bedford Campus Sells For $96M
Jumbo Capital sold the lab campus in Bedford where iRobot is headquartered for about 10% less than it paid for it.
An entity linked to San Francisco-based Shorenstein acquired the 479K SF lab development at 4-18 Crosby Drive for $96M, according to property records.
Jumbo had acquired the eight-building campus from The Davis Cos. in July 2018 for $107.8M. At the time, the property was leased to five tenants, including iRobot.
In 2022, iRobot laid off 100 employees and announced plans to reduce its office space at the campus, part of downsizing efforts to generate $30M in savings.
Jumbo and Shorenstein didn't respond to Bisnow's requests for comment.
SALES
Rockpoint acquired the 607K SF Uxbridge Distribution Center for $120M, according to property records. The 70-acre site is 73% occupied, and the vacant space includes outdoor storage and a parking field, the buyer said in a release. Rockhill Management will act as the property manager for the site.
***
EMC sold a 166K SF office building for $6.9M, the Worcester Business Journal reported. The property is at 21 Coslin Drive in Southborough. EMC bought the property and a parcel in Westborough for $2.9M in 2000 to build office space.
LEASES
King Street Properties secured its first restaurant tenant at its Allston Labworks development in Brighton, Banker & Tradesman reported. Fido Pizza plans to open in 3K SF at the development this summer. The 576K SF development includes 20K SF of retail and restaurant space.
***
The Learning Experience is opening new Massachusetts locations over the next two years in Natick, North Andover and Worcester. Each space will consist of up to 10K SF and a 5K SF playground. The daycare franchise has 16 centers across the state and more than 420 centers across 30 states.
FINANCING
IQHQ modified a loan on its lab development sites in Allston and Fenway after receiving $900M in additional investment, Banker & Tradesman reported. The loan came from Citizens Bank and is backed by its 410K SF development at 155 N. Beacon St. in Allston and its 20 Overland St. and Hotel Buckminster developments in Fenway.
PERSONNEL
The Chiofaro Co. hired David Brunelle as senior development lead. Brunelle brings 20 years of experience, most recently acting as senior vice president at JLL Boston. Brunelle was responsible for overseeing the renovation of One Post Office Square. In this new role, Brunelle will oversee the development process and management of commercial and residential projects across the region. He will also focus on advancing plans for the company's redevelopment of the Harbor Garage site.
***
Bain Capital hired Keith Largay as its head of real estate capital markets. Largay will lead Bain's debt and financing strategy, grow lender relationships and work with its investment team. Prior to joining Bain, Largay worked at JLL, most recently as co-head of its Chicago office. He also held positions at Cushman & Wakefield and Northmarq.
CORRECTION, FEB. 11, 5:15 P.M. ET: A previous version of this story misstated the nature of IQHQ's loan modification deal. This story has been updated.
