Phase 3 Real Estate Partners paid $52M for two Fort Point properties as part of a life sciences play in the emerging lab-heavy neighborhood.
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The San Diego-based developer bought 12 Farnsworth St., a 104-year-old building, and 11 Sleeper St., a 27-space parking lot, from BentallGreenOak. Phase 3 Real Estate Partners plans to convert the six-story brick-and-beam office space into a life sciences building, while the 0.2-acre parking lot is also ready for new development, according to CBRE, which brokered the deal.
The 12 Farnsworth St. office includes a ground-floor Flour Bakery & Cafe and was renovated in 2016. The properties are a few minutes' walk from the Seaport and Boston’s South Station at the edge of the Financial District. The area is home to numerous ground-up labs and office-to-lab conversion projects.
CBRE’s Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Tim Mulhall, Roy Sandeman and Dan Hines arranged the sale, while CBRE Debt & Structured Finance’s Heather Brown and Rob Borden secured financing for Phase 3 Real Estate Partners. The new owner also tapped CBRE's Kevin Kennedy and Jonathan Freni to lease 12 Farnsworth St.
SALES
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Invictus Real Estate Partners bought the 194-unit Eliot on Ocean apartment complex in Revere from Westbrook Partners for $84.3M. The properties at 660 Ocean Ave. and 674 Ocean Ave. face Revere Beach and were built in 2015. The per-unit sales price was approximately $435K. Westbrook purchased the complex for $59.8M in 2017.
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New England Development paid WJG Realty Co., an affiliate of Quincy-based supermarket Stop & Shop, $51.5M for 70-76 Everett St. in Boston’s Allston neighborhood. The properties are next to an existing Stop & Shop location and will be redeveloped as part of New England Development’s 1.2M SF mixed-use Allston Yards development.
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Oliver Street Capital purchased 100 New Boston Drive in Canton for $22M from First Born Leasing LP. The warehouse spans 62K SF and houses Humboldt Storage and Moving, whose principal D’Arcy Goldman manages First Born Leasing.
LEASES
Asset Management firm Callodine Group signed a new three-year lease at 545 Boylston St. in Boston’s Back Bay. Boston Realty Advisors represented Callodine in the lease. A joint venture of Investcorp and Brickman bought the 535-545 Boylston St. property for $128M last year.
FINANCING
Taurus Investment Holdings secured a $49.7M mortgage from a CBRE Investment Management fund for the acquisition and renovation of the Chestnut Place apartments in Ashland. The developer plans to transition the 207-unit asset into a low-carbon property. Jamie Leachman, Jackie Meagher and Sean O’Brien of JLL’s Capital Markets Team arranged the loan on behalf of Taurus.
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True North Management Group and Celera Properties signed a $35.3M loan with OceanFirst Bank for the acquisition and redevelopment of 300 and 600 Federal St. in Andover. The owners will undertake a speculative lab repositioning of the combined 234K SF properties expected to deliver in late 2022. JLL’s Capital Markets team was led by Managing Director Greg LaBine and Senior Director Martha Nay.
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