Bahrain-based investment firm Investcorp acquired a portfolio of eight industrial properties along the I-495 corridor and in the Worcester area.
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Investcorp acquired the buildings in Westborough, Marlborough, Woburn, Randolph and Franklin for $76.5M, according to public deed records. The firm purchased the buildings from Boston-based Longfellow Real Estate Partners, the Worcester Business Journal first reported.
Longfellow had acquired the eight properties between 2021 and 2022 for roughly $62.3M, according to deed records.
The properties are located at 28 Torrice Drive in Woburn; 128-148 Bartlett St. in Marlborough; 52 York Ave. in Randolph; 10 Liberty Way and 120 Constitution Blvd. in Franklin; and 45 Oak St., 23 Bridle Lane and 25 Bridle Lane in Westborough.
Investcorp, a global investor with more than $10B in U.S. real estate assets under management, last month announced $225M of industrial acquisitions in the Philadelphia and Nashville markets. It said that deal was part of the company's strategy "to pursue well-located, infill light industrial product in leading U.S. industrial markets with strong supply-demand fundamentals."
The company didn't respond to Bisnow's request for comment on the Massachusetts deal.
SALES
Redgate sold its One Beachmont development at 205 Revere Beach Parkway to a Nuveen subsidiary for $77M. The property was developed by Redgate-affiliate Gate Residential Properties and The TransDel Corp. for $60M. The 226K SF mid-rise multifamily building sits near the MBTA's Beachmont Blue Line stop.
LEASES
Wyzer Biosciences leased 5,800 SF at Cummings Properties’ Boston Avenue campus in Medford. Cummings’ Steve Cusano and JLL’s Marc Consalvi worked on the deal. The biotech company plans to relocate from 85 Bolton St. in Cambridge. Wyzer joins Lithios, Morphoceuticals, Myro Therapeutics, Sunflower Therapeutics and Unravel Biosciences at the Medford campus.
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Electronic materials manufacturer Nano-C signed a 37K SF lease at Kadima Industrial Partners and DRA Advisors’ 79-85 Astor Ave. in Norwood. Colliers represented the landlord and the tenant in the deal. The brokerage is marketing the remaining 23K SF portion of the industrial site.
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Video game developer CD Projekt Red signed a 55K SF lease at Alexandria Real Estate Equities’ Arsenal on the Charles in Watertown, Banker & Tradesman reported. The company plans to relocate from 51 Sawyer Road in Waltham.
PERSONNEL
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Rachel Bliss was hired to join Colliers' downtown Boston urban leasing team as vice president. In her new role, Bliss will advise tenants in the downtown market on leasing strategy, site selection and negotiations. Previously, Bliss served as vice president at Hughes Marino. She has also held roles at JLL and Cushman & Wakefield.
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The Architectural Team appointed Diane Stephens as its chief financial officer. Stephens joins TAT from Essco Calibration Laboratory, where she most recently acted as an executive vice president.
CONSTRUCTION AND DEVELOPMENT
The Community Builders, Pine Street Inn, state leaders and community members celebrated the opening of 900 Morrissey Blvd. in Dorchester. The project converted a former hotel into 99 affordable studio apartments for older adults who have experienced homelessness.
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WinnCos. completed The Eastwalk residential development in Braintree. The 56-unit, mixed-income development cost $46M to build. The project includes workforce, low-income and market-rate units.
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