Legislation
As a recession antidote, the Legislature passed a bill on Saturday to extend all state and local development permits in effect between Aug.15, ?08 and Aug.15, '10 by two years because the economic downturn delayed so many projects. The Governor is expected to sign it into law soon, perhaps this week, according to NAIOP's Tamara Small. The Permit Extension Act is part of a larger Economic Development Bill.
Leasing
SensAble Technologies will lease 28k SF of office and R&D space at 181 Ballardvale St. in Ballardvale Office Park in Wilmington. Richards Barry Joyce?s John Wilson, Brian McKenzie, and James Lipscomb represented the landlords,AEW Capital Management and Griffith Properties. SensAble Technologies will relocate from Woburn and use the space as its new corporate HQ. Colliers Meredith & Grew's Matt Daniels and Chris Lawrence repped for SensAble, which develops 3D touch-enabled technology that allow users to not only see and hear an on-screen computer application, but to actually ?feel? it.
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Franklin Street Properties signed a seven-year lease for 17k SF with Hobbs Brook Management at 401 Edgewater Place in Wakefield. In September, the investment firm will relo within the park from Suite 200 to Suite 220. Wyman Street Advisors? Chip Batchelder handled the lease for Hobbs Brook Management.
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Cheever Industries leased 12K SF of warehouse/office space at 89 October Hill Rd. in Holliston. Parsons Commercial Group's Jake Parsons repped for the tenant.
Sales
Commonwealth Center Associates sold the Savers/ Framingham 25k SF single-tenant retail property to the Bulfinch Co. for $4.5M. Cushman & Wakefield's Robert Griffin and Geoffrey Millerd exclusively represented the seller and procured the buyer.
Assignments
Airxchange has chosen Campanelli Cos. to build a 60k SF expansion and renovate its existing facility in Rockland. The project, to be completed Q1 2011, includes a new main entry, upgrades to offices and new manufacturing space. Campanelli has and will provide design, build, engineering and permitting services.
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KeyPoint Partners won eight new property management assignments in seven eastern states, bringing the assets it services to about 25M SF, partner William Lawler said. The properties include retail, office, and industrial properties, and were awarded by both current and new clients, including LNR Property Corp., USAA Real Estate Co., and Dividend Capital Total Realty Trust.
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Cushman & Wakefield has been hired to exclusively market for sale Park Lane Seaport, a 465-unit high rise apartment community in the Seaport District. C&W's Capital Markets Group including Simon Butler and Biria St. John are representing the seller, a JV between The Fallon Company and Cornerstone Real Estate Advisers.
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Newmark Knight Frank has been hired by Cambridge Hanover to market 1 Bunker Hill Dr. in Charlestown and Austin Smith will be the lead broker. The building will undergo extensive upgrades including additional parking, new windows, and exterior repairs.
Construction
Construction was completed on Transitions at Devens, a new 16k SF emergency shelter for homeless women and children at Devens. The 13-unit, gray clapboard building will provide housing and social services to 50 families a year. MassDevelopment invested $2.5M in design and construction.
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Barnstable Municipal Airport broke ground on a new $6.7M Air traffic Control Tower at Hyannis Airport, the state's 3rd busiest airport. Suffolk Construction is building the 4k SF tower, Phase I of the 2010 Airport Improvement Program. Once approved, Suffolk will also build a new $17.6M, 35k SF terminal.
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Lynn Community Health is building a 29.3k SF addition using $11.5M in New Markets Tax Credit financing provided through MassDevelopment. The ambulatory care building will contain an expanded walk-in clinic, registration and waiting area, and an atrium linking it to the existing center.
