A 199K SF distribution center in Boston's southern suburbs has traded hands between two investment giants.
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An entity linked to Ares Industrial Real Estate Income Trust acquired a distribution center at 151 Charles F. Colton Road in Taunton for $45M, according to public records. The building was sold by a fund managed by Brookfield Asset Management.
The facility is 100% leased to Sullivan Tire. The property was built in 2014 and includes 28-foot clear heights, 30 loading docks and 23 trailer parks. The property is 40 miles outside of Boston in Myles Standish Industrial Park, the largest master-planned industrial park in the state.
JLL's Michael Restivo and David Coffman led the team that worked with Brookfield on the sale.
As Massachusetts' industrial market works to recover, vacancy increased at the end of 2024 to 7.5%, according to CBRE. The market recorded negative net absorption of 97K SF in the fourth quarter.
SALES
CBRE Investment Management and MEAG, an entity of Munich Re, acquired a 200-unit apartment building at 1330 Boylston St. for $145M, according to public records. The seller was Samuels & Associates, which developed the building and will remain the property manager and leasing representative. The firm also owns the retail and attached parking garage on the property. Newmark facilitated the sale of the building.
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The 46K SF Harwich East Plaza shopping complex sold for $11.5M to a partnership of Brookline-based Newman Properties and Atlantic Capital Investment, the Boston Business Journal reported. The seller was Burlington-based Linear Retail. The Cape Cod retail center was built in 1988 and previously sold for $10.5M in 2008.
FINANCING
MassHousing awarded six nonprofit organizations with $447K to help create 12 affordable sober housing units and preserve another 31 units. The grants are coming from MassHousing subsidiary Center for Community Recovery Innovations Inc. The grant will create or preserve housing in Lawrence, Marshfield, Springfield, Wrentham, Boston, Lynn and Worcester. The CCRI has supplied grants to create or preserve more than 3,000 units in 55 communities.
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Pyramid Management Group secured a three-year loan extension for its 1.6M SF Holyoke Mall property, the Boston Business Journal reported. The mall is anchored by Macy's, JCPenney, Target, Hobby Lobby and Best Buy. The mall is the only Massachusetts property in Pyramid's portfolio.
CONSTRUCTION AND DEVELOPMENT
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Boston-based Torrington Properties plans to redevelop an 82-acre shopping mall site in southeast New Hampshire into a new commercial center. The development may not include housing, a common element of recent mall redevelopments, because that isn't a by right use for the site. The developer said the project could add new retail, restaurant, entertainment, office and medical buildings. Torrington paid $66.1M over three years for the site, including the 600K SF Mall at Fox Run and the Newington Park Shopping Center.
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Mill Creek Residential proposed a 350-unit multifamily project at 4000 Mystic Valley Parkway in Medford, Banker & Tradesman reported. The project would replace a 66K SF commercial building once home to a Gold's Gym with a 430K SF, eight-story residential property. The project would include a private shuttle to the Wellington Orange Line station.
