Marcus & Millichap Stops & Shops in Massachusetts31 Aug 2015, 1:28 pm
By Ioana Neamt, Associate Editor
Marcus & Millichap’s Boston office recently arranged the sale of a retail asset located in Brockton, Mass.
The 65,425-square-foot Stop & Shop at 932 N. Montello St. sold for $18.7 million—$286 per square foot—to an undisclosed buyer. Robert Horvath, vice president of investments in Marcus & Millichap’s Boston office, represented the seller in the transaction and also procured the buyer.
“An on-site Stop & Shop fuel station and a pad site with up to 4,000 square feet of potential expansion space were included in the sale,” said Horvath. “Eight years remain on Stop & Shop’s original Royal Ahold N.V.-guaranteed, 20-year double-net lease.”
The Stop & Shop store is conveniently located near the Montello commuter rail station and Route 28 in Brockton. Other major tenants in the area include Walmart, Dollar Tree, McDonald’s, Walgreens, and KFC/Taco Bell.
Image courtesy of Marcus & Millichap
JLL Secures $31M in Financing for Archer & Donahue Buildings25 Aug 2015, 3:04 pm
By Adelina Osan, Associate Editor
Investment management firm JLL secured $31.3 million in acquisition and pre-development financing after closing the sale of the Archer and Donahue buildings. JDMD Owners purchased the two properties located in Boston’s Beacon Hill neighborhood, which formerly served as Suffolk Law School, for $43.5 million.
The two buildings located at the corner of Derne and Temple Streets on Beacon Hill reach over 174,000 square feet and are closely situated nearby Boston’s key public transit nodes, the downtown business district, the state house, and the Boston Common.
“The Archer and Donahue buildings are two well-recognized, landmark assets in one of Boston’s top neighborhoods,” mentioned manager director of JLL, Frank Petz, in prepared remarks. “The market’s fundamentals are primed for residential development, given the very limited supply pipeline in the face of surging demand for urban living in Boston.”
Suffolk University will remain a tenant of both Archer and Donahue buildings. The sale prepares Suffolk University for an upcoming move to its new academic home at 20 Somerset Street.
Frank Petz and Jessica Hughes, JLL’s managing directors, along with Michael Coyne and Travis D’Amato, senior vice presidents, led the team on the sales transaction. Financing efforts were led by managing directors Dustin Stolly and Arron Appel and senior vice presidents Heather Brown and John Schneider.
Upscale Apartment Community Now Open in Melrose25 Aug 2015, 1:56 pm
By Ioana Neamt, Associate Editor
One of Boston’s fastest-growing suburbs recently upped the ante with the addition of a 94-unit luxury apartment community.
2 Washington, an upscale residential building developed by Atlanta’s Wood Partners, opened its doors August 24, 2015, in Melrose, Mass. Located roughly seven miles from downtown Boston, the transit-oriented development provides access to the I-93, the Orange Line and the commuter rail, connecting residents to Boston, Burlington and Waltham, Mass.
“By leveraging an integrated development approach, we were able to combine luxury amenities, superior design and a community feel in all close proximity to central Boston, making it an ideal location for anyone from singles to young families looking for a balanced lifestyle,” said Carolyn Zern, vice president of development at Wood Partners.
2 Washington incorporates 94 one- and two-bedroom luxury apartments, a 24-hour fitness center, clubroom, rooftop deck, outdoor spaces, and covered bicycle storage. The community is in close proximity to the Middlesex Fells Reservation—a massive state park offering various hiking and biking trails and a boating pond—and Assembly Row, a lifestyle center in Somerville.
Image courtesy of Wood Partners
725 Canton Street in for an Upgrade19 Aug 2015, 1:47 pm
By Liviu Oltean, Associate Editor
General contracting and construction management services firm Integrated Builders has started work on the renovation of 725 Canton Street, a 40,000-square-foot office building in Norwood, Mass. The firm is acting on behalf of the owner, MSJ Canton Street, LLC.
According to the announcement, the renovation will include a new lobby and an interior office fit-out for the building’s new tenant, The CCS Companies.
Plans call for the demolition and replacement of existing walls, railings, lights, and bathrooms. Integrated Builders will also install new counters in the restrooms, a suspended acoustical ceiling, a new break room, and a glass stair rail.
Located near the intersection of I-95 and Route 128, the office building is minutes away from the Amtrak/MBTA Route 128 Station and provides easy access to downtown Boston, Providence, and New York.
“Projects such as this one at 725 Canton Street provide a great opportunity for Integrated Builders to take an existing building with great potential and transform it into an attractive, highly-functional space that will effectively accommodate its current and future tenants,” Sean Burgess, project manager with Integrated Builders, said in a prepared statement.
Image courtesy of Integrated Builders
Trio of Private Developers Brings More Housing to Jamaica Plain17 Aug 2015, 4:43 pm
By Veronica Grecu, Associate Editor
As part of the revitalization efforts for the Washington Street corridor, the Boston Redevelopment Authority (BRA) authorized a new housing and retail project in the Egleston Square area.
Developed by 3190 Washington Street LLC—a venture managed by local developer Justin Lantosca with business partners Paul Iantosca and Dan Mangiacotti—the $25 million mixed-use project is seen as the largest development in Egleston Square in half a century. It will take shape at 3200 Washington St. on a 32,412-square-foot parcel that currently includes a vacant industrial building that was previously occupied by Economy Plumbing and Heating Supply Co., an automotive repair garage and a single level concrete garage.
Under plans designed by RODE Architects, the existing structures will be demolished to make room for a mixed-use complex that will include 76 residential units, nearly 4,500 square feet of ground-floor retail space and an open courtyard situated atop a 41-space parking garage. The project was designed to mediate between the adjacent residential neighborhood scale and Washington Street’s eclectic mix, and will span three buildings.
Construction at 3200 Washington St. is set to begin this fall and be completed towards the end of 2016. The project will create an estimated 70 construction jobs.
Rendering via RODE Architects