This Week's Boston Deal Sheet: Harbor Group Buys Needham Apartments For $182M
A global apartment investor acquired a 390-unit multifamily building in Needham.
An entity linked to Norfolk, Virginia-based Harbor Group Management acquired The Kendrick at 275 Second Ave. from Toll Brothers for $181.7M, according to property records.
Toll Brothers and Harbor Group Management didn't respond to Bisnow's request for comment.
The Pennsylvania-based homebuilder broke ground on the property with joint venture partner Ares Management in late 2016. The joint venture received a $91M construction loan from JPMorgan Chase and TD Bank.
The apartment building opened its doors in 2018, marking the second Massachusetts apartment complex in Toll Brothers' portfolio
Toll Brothers is one of the 12 largest multifamily developers in the U.S., with properties in 60 markets. The company also owns Emblem 120 in Woburn and The Bradford in Belmont.
Harbor Group's parent company Harbor Group International owns more than 54,000 apartment buildings across the globe, with a recent focus on newly built apartment buildings and major portfolio acquisitions, including a 13,000-unit, $1.8B sunbelt deal in 2020.
SALES
Optimum Asset Management acquired a fully leased research and development complex at 150 Minuteman Road in Andover from BGO for $26.4M, according to property records. The 112K SF property is part of a six-building, 1M SF campus known as Minuteman Park. BGO acquired the property for $32M in 2018.
The property is fully leased to Smith & Nephew, which has occupied it since 2002. Newmark's Robert Griffin Jr., Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper and Grady Zink worked on the deal.
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An entity linked to The Seyon Group acquired a 38K SF flex industrial building in Canton from Connecticut-based JB Capital for $7.1M. The property at 40 Hudson Road is leased to Phoenix Electric Corp.
LEASES
Eversource Gas signed a lease with Marcus Partners for a build-to-suit industrial project in Taunton. The project includes the demolition of a 95K SF office building in the Myles Standish Park to make way for a new flex building and 3 acres of industrial outdoor storage space. The project is set to complete in late 2025.
FINANCING
Massachusetts officials awarded $5M of the state's $50M Momentum Fund to Joseph J. Corcoran Co. for its The Residences at East Milton apartment complex. The project would consist of 92 mixed-income rental units, including 23 affordable units. The project is permitted under the state's affordable housing development law Chapter 40B.
CONSTRUCTION & DEVELOPMENT
Procter & Gamble revealed plans for a 31-acre site along Fort Point Channel that could be home to a 5.7M SF mixed-use community, including 1,800 housing units and 3.5M SF of office and research space. The project could include over 20 buildings, and 50% of the plan is set aside for open space and public amenities, including access to the waterfront. The property is currently home to Gillette's shaving headquarters, research facilities and manufacturing space.
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The Boston Planning Department approved 588K SF of projects, including 591 new residential units. It also approved a new zoning district in Roslindale. Notable projects include Nordblom Co.'s 333-unit 83 Leo Birmingham Parkway development in Brighton and the redevelopment of the Great Scott music venue in Allston.
Other projects approved include a 38-unit housing development at 36 Parker Hill Ave. in Mission Hill, a 46-unit project at 586-598 Canterbury St. in Roslindale and a 35-unit project at 98-100 Condor St. in East Boston.
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The Massachusetts Audubon Society won the rights to acquire a nearly 18-acre site of the former Forbes Lithograph Manufacturing site in Chelsea for $8.4M, the Boston Globe reported. The acquisition could lead the way for more green space in the community and affordable housing. Chelsea-based The Neighborhood Developers plans to buy a five-acre portion of the property to build up to 225 units.
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Tufts University broke ground on its largest dormitory project in history, planned to include 677 beds, Banker & Tradesman reported. The 275K SF project is located at 401 Boston Ave., across the street from the MBTA's Medford-Tufts station. The school has partnered with Capstone Development Partners on the project. It is expected to break ground this spring and be completed in August 2027.
