Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.
Issue link: https://northeastrealestatebusiness.epubxp.com/i/632700
www.REBusinessOnline.com Northeast Real Estate Business • January/February 2016 • 9 M A S S A C H U S E T T S WOOD PARTNERS BREAKS GROUND FOR RESIDENTIAL COMMUNITY MELROSE, MASS. — Wood Partners has broken ground for 37 Washington, a residential development in Melrose. The 88-unit property will feature gran- ite countertops, stainless steel appli- ances, in-unit laundry and walk-in closets. Additionally, on-site amenities will include a courtyard with fre pit, and outdoor grills and seating. Leas- ing is expected to begin in November, with the community slated to open in December. TGM ACQUIRES 240-UNIT MULTIFAMILY PROPERTY SOUTH LAWRENCE, MASS. — TGM Associates has acquired TGM Ando- ver Park, a 240-unit multifamily prop- erty located at 100 Hawthorne Way in South Lawrence. Constructed in 2000 and 2001, the eight-building commu- nity features a two-story clubhouse with an outdoor pool and a mix of one- and two-bedroom apartments with at- tached garages in select units. TGM plans to renovate the apartment inte- riors, including new cabinets, coun- tertops, appliances, light fxtures and hardware. The company plans to up- grade the common area amenities with the addition of a ftness center, media center and café lounge area. The name of the seller was not released. ROCKPOINT GROUP ACQUIRES 99 SUMMER STREET BOSTON — Affliates of Boston-based Rockpoint Group LLC have acquired 99 Summer Street, an offce and retail building located in Boston. Corner- stone Real Estate Advisers sold the 20-story property for an undisclosed price. The 270,000-square-foot Class A building was 95 percent occupied at the time of sale. The property will be managed by a Rockpoint affliate, Rockhill Management, which pro- vides property management and re- lated services for investments made by Rockpoint-sponsored funds. SALEM STATION LLC SELLS 266-UNIT APARTMENT COMMUNITY SALEM, MASS. — CBRE/New Eng- land has negotiated the sale of Jeffer- son at Salem Station, a garden-style apartment community located in Sa- lem. Salem Station LLC sold the prop- erty to an affliate of Bell Partners Inc. Built in 2002, the property features 266 market-rate apartments spread across fve four-story elevator buildings and four two-story townhouse buildings. Community amenities include a great room, media room, business center, ft- ness center and an outdoor pool with sundeck and gas grills. Simon Butler and Biria St. John of CBRE/NE repre- sented the seller. KELLEHER & SADOWSKY BROKERS SALE OF 65,000 SF INDUSTRIAL BUILDING WORCESTER, MASS. — Kelleher & Sadowsky Associates has arranged the sale of an industrial building located at 70 Quinsigamond Ave. in Worcester. Lutco Inc. acquired the 65,000-square- foot property from A.M. Castle Metals Co. for an undisclosed price. William Kelleher IV and Matthew Mayrand of Kelleher & Sadowsky Associates bro- kered the transaction. CALARE PROPERTIES BUYS 84,000 SF INDUSTRIAL/FLEX BUILDING CANTON, MASS. — Calare Proper- ties has acquired an 84,000-square-foot industrial/fex building, located at 95 Shawmut Road in Canton, for an un- disclosed sum. The facility features fexible space options for companies in search of warehouse, distribution and offce uses and offers 22-foot clear ceil- ing heights, 18 dock doors, one drive- in door and 305 on-site parking spaces. The property is currently fully leased to fve tenants, with a remaining aver- age lease term of 5.5 years. The name of the seller was not disclosed. THE DAVIS COMPANIES TAPS MARGULIES PERRUZZI ARCHITECTS TO REVITALIZE TWO OFFICE BUILDINGS MEDFORD AND BURLINGTON, MASS. — The Davis Companies has selected Margulies Perruzzi Architects to revitalize and reposition two offce building properties. The architectural and interior design frm will upgrade the main entrance, lobby and common areas of One Cabot Road in Medford and One Burlington Business Center in Burlington. Constructed in 1989, One Cabot Road is a 400,000-square- foot offce building featuring a full-ser- vice cafeteria, ftness facility, abundant power and emergency systems and a generous parking ratio, including 170 executive spaces inside the building. The property is currently 94 percent leased, with approximately 30,000 square feet available and 130,000 square feet becoming available in 2017. One Burlington Business Center is a four-story, 176,000-square-foot offce building located adjacent to the La- hey Hospital and Medical Center. The building is occupied by Lahey Hospi- tal and Medical Center and Silverlink Communications, among others. For more information and to register go to For sponsorship, exhibit and speaking inquiries contact Richard Kelley: 914-468-0818 rkelley@francemediainc.com Mark Aden: 404-832-8262 maden@francemediainc.com The Most Important Event in the Student Housing Industry www.interfaceconferencegroup.com/sh2016 8th Annual April 13-15 Hilton Austin PRODUCED BY BRADY SULLIVAN PROPERTIES ADDS THREE BUILDINGS TO NEW HAMPSHIRE PORTFOLIO MANCHESTER, N.H. — Brady Sullivan Properties, in partnership with the An- agnost Companies, has acquired three mixed-use properties in Manchester for $4.2 million. The properties include 75, 85 and 95 Faltin Drive, which were part of the former Osram Sylvania complex. The three assets offer more than 51,000 square feet of offce, warehouse and fex space. Building 1 is a 18,625 of offce and warehouse space; building 2 consists of 15,405 square feet of offce and warehouse space with loading docks; and building 3 is a 17,605-square-foot warehouse property with 10 loading docks and 16-foot high ceilings. Charles Panasis of Brady Sullivan Properties negotiated the transaction. The name of the seller was not released. COLLIERS ARRANGES $1.2 MILLION SALE OF INDUSTRIAL BUILDING IN PORTLAND, MAINE PORTLAND, MAINE — Colliers International has brokered the sale of an in- dustrial property located at 264 Freestone Drive in Portland. Freestone Avenue LLC acquired the facility from Essentra Packaging US Inc. for $1.2 million. Situ- ated on 6.3 acres, the 107,639-square-foot property was formerly the Clondalkin Pharma & Healthcare facility. Biff Zoephel of Colliers International brokered the transaction. N O R T H E R N N E W E N G L A N D Slated for completion in December, 37 Washington will feature 88 apartment units. Photo credit: Embarc Studio, courtesy of Wood Partners