A Connecticut real estate developer acquired a three-building industrial campus in Danvers.
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An entity linked to Greenwich, Connecticut-based Luzern Associates paid $47.7M for 33, 35 and 37 Cherry Hill Drive in Danvers, according to deed records. The sellers in the deal were Burlington-based R.J. Kelly and Battery Global Advisors.
Medical technology company Medtronics leases space at 35 and 37 Cherry Hill Drive, and G&F Precision Molding leases space at 33 Cherry Hill Drive.
CBRE represented the seller in the deal, Vice Chairman Scott Dragos announced on LinkedIn.
SALES
BGO and Seyon acquired a two-building, 134K SF industrial portfolio in Marlborough for a combined $28M, according to deed records. The joint venture acquired a 59K SF industrial property at 261 Cedar Hill St. for $13M and a 75K SF property at 753 Forest St. The portfolio is 100% leased.
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A portion of a former Raynham dog track has sold to National Grid for $33.7M, according to an Aug. 13 deed record. The seller was the Carney dog racing family. The sale of the site at 1958 Broadway was brokered by CBRE.
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New York-based Lightstone Group acquired a 139K SF office building at 400 Riverpark Drive in North Reading for $43M. The seller was Atlantic Management, which had acquired the property in 2021 for $20M from DivcoWest and Taurus Investment Holdings. The property is fully leased to Amazon Robotics.
LEASES
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Wearables company Whoop is in talks to sign a 107K SF lease at 660 Beacon St. in Kenmore Square, its CEO said last week. The lease would nearly double the company’s office presence in the neighborhood where it is headquartered.
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The Red Sox signed a 100K SF lease at Samuels & Associates’ 1325 Boylston St. office tower near Fenway Park, Banker & Tradesman reported. The organization will occupy the entire top three floors of the 237K SF, 11-story tower known as Van Ness. The move will consolidate operations, bringing the Red Sox, Fenway Sports Management and Fenway Sports Group under one roof. The lease is expected to commence in November and run for six years.
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Alexandria Real Estate Equities secured a 160K SF lease from tech company Onto Innovation at Alexandria’s 3000 Minuteman Road in Andover, B&T reported.
FINANCING
WS Development and PSP Investments secured a $660M refinancing loan for their One Boston Wharf Road office building in the Seaport, according to public records. The 708K SF office tower is fully leased to Amazon.
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Millennium Partners landed a $281M commercial property assessed clean energy loan from Nuveen Green Capital for the residential portion of its Winthrop Center tower. The mixed-use tower opened in 2023 with more than 800K SF of offices and 317 condominium units.
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Dinosaur Capital secured a $39.6M construction loan for its 31 Milk St. office-to-residential conversion, according to a Monday public record. The lender was Miami-based S.USA Life Insurance Co. The developer also received a $4.5M loan from Roxbury-based Bluehub Loan Fund. The 110-unit project was approved by the Boston Planning Department in October.
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AEW Capital Management, Optimum Asset Management and Redgate secured a $30M loan from Avidia Bank for their 14-16 Oak Park Drive lab building in Bedford, according to public records. The trio acquired the 168K SF office building in 2022 for $27M and later converted it into a lab facility known as Riverwalk Labs.
CONSTRUCTION AND DEVELOPMENT
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New York-based Vanbarton Group filed a proposal to convert the 540K SF office building at 31 St. James Ave. into roughly 490 residential units, The Boston Globe first reported. The proposed conversion could cost up to $410M.
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The Boston Planning Department approved four development projects totaling 329 units and 399K SF during its monthly meeting on Thursday. The board also approved new zoning for clean energy infrastructure, including solar panels and wind turbines. And it swore in Felicia Jacques as the fifth and final member of the board.
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British investment firm L&G Asset Management acquired part of an office park at 292-294 Baker Ave. in Concord, where it plans to start work this fall on a two-building, 201-unit multifamily project. The company is partnering with Taurus Investment Holdings, which advanced the project through the planning stages.
