Northeast Real Estate Business

MAY 2018

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

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18 • May 2018 • Northeast Real Estate Business M A S S A C H U S E T T S AAM 15 MANAGEMENT ACQUIRES 99-ROOM HOTEL IN DOWNTOWN FREEPORT, MAINE FREEPORT, MAINE — AAM 15 Management, LLC has purchased Hilton Gar- den Inn Freeport Downtown for an undisclosed price. The sale was arranged by Holliday Fenoglio Fowler, L.P. The 99-room hotel, located at 5 Park St. is the only hotel in its competitive set within walking distance of downtown Freeport. Completed in 2005, the hotel offers 7,500 square feet of meeting space, a restau- rant, fitness center, indoor pool and car charging stations. Freeport is 18 miles north of Portland, Maine. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF marketed the property on behalf of the private seller and procured the buyer. AAM 15 will manage the hotel. REMIC PROPERTIES ACQUIRES 34,000 SF MAINE EYE CENTER IN PORTLAND FOR $8.2 MILLION PORTLAND, MAINE — Remic Properties has acquired the 34,000-square-foot Maine Eye Center at 15 Lowell St. in Portland for $8.2 million. Both Remic Prop- erties and the seller, Maine Eye SPE LLC, were represented by Stan Johnson Company. Maine Eye, an ophthalmology practice, is the sole tenant in the build- ing. The acquisition was part of a 1031 exchange that Remic completed follow- ing the sale of a property in Peabody, Mass. Tom St. Jean and Mary Lambert of Brookline Bank served as the qualified intermediary in the transaction. CBRE SECURES $17.5 MILLION IN ACQUISITION FINANCING FOR TWO INDUSTRIAL PROPERTIES IN NEW HAMPSHIRE MERRIMACK, N.H. — CBRE has secured $17.5 million in acquisition financing on behalf of Calare Properties for 57-59 Daniel Webster Highway, a two-building industrial property in Merrimack. The two warehouses total 511,000 square feet. Kyle Juszczyszyn and Matthew Machiros of CBRE secured the financing from Harbor One Bank. Calare Properties is a real estate manager and operator. The tenant roster at the property currently includes Law Logistics, Nanocomp Tech- nologies, Raymer's Express and XPO Logistics. N O R T H E R N N E W E N G L A N D NAUSET BREAKS GROUND ON MIXED-USE COMPLEX IN CENTRAL SQUARE, CAMBRIDGE BOSTON — Nauset Construction has started construction on a mixed-use proj- ect at Ten Essex St. in Cambridge, Mass., that will transform a surface parking lot into a transit-oriented five-story development with 46 apartments and 3,000 square feet of retail space. The project is being built by Nauset for owner 3MJ Realty. Designed by Golden Architects of Quincy, Perkins Eastman and Mark Boyes-Watson Architects, the project is located directly on the Central Square Red Line. Amenities will include a rooftop patio and second-floor deck, bike storage, a green roof terrace and balconies in several of the units. Café Nero and H Mart, an Asian-inspired supermarket, will anchor the ground floor. Nauset previously converted the Holmes building in Central Square from offices to apartments in 2013. The project is slated for completion in January 2019. JLL ARRANGES SALE OF 107,000 SF OFFICE BUILDING IN MEDFORD FOR $25 MILLION BOSTON — JLL Capital Markets has arranged the sale of 10 Cabot Road in Medford, a 107,026-square-foot office building for $25 million. Frank Petz, Mat- thew Sherry and Scott Carpenter of JLL brokered the sale of the property on behalf of Boston-based Morris & Morse Co. The buyer was KS Partners. At the time of the sale, 10 Cabot Road was 79 percent leased to nine tenants. The build- ing is located four miles north of downtown Boston with access to the Massa- chusetts Bay Transportation Authority's Orange line. SEYON GROUP ACQUIRES INDUSTRIAL FACILITY IN GREATER BOSTON FOR $38.5 MILLION MANSFIELD, MASS. — The Seyon Group has acquired a 350,000-square-foot warehouse in Mansfield for $38.5 million. Located at 560 West St., the Class A facility, which was built in 2009, is a cross-dock warehouse. Cross-dock ware- houses are rare in the Greater Boston market, where high land costs have result- ed in limited new warehouse construction. There are only 12 such facilities in Boston, according to the Seyon Group. This marks the 15th acquisition for the Seyon Group, which was launched in January 2017. SQUARE MILE AND JPMORGAN CHASE PROVIDE $75 MILLION IN FINANCING FOR ACQUISITION OF BOSTON HOTEL QUINCY, MASS. — Square Mile Capital Man- agement and JPMorgan Chase have provided $75 million in financing to Co- lumbia Sussex Corp. for the acquisition and ren- ovation of the 466-room Boston Marriott Quincy in Quincy. The hotel is located in South Boston's Quincy market, 12 miles from downtown Boston and sits atop a hill over- looking the city skyline and Massachusetts coast- line. Amenities at the ho- tel include a fitness center, indoor swimming pool, business center and 16,000 square feet of renovated meeting space. Lawrence Britvasn and Matt Jacobs of Hodges Ward Elliot in New York arranged the financing. The Columbia Sussex Corp. is a privately owned hotel owner and operator based in Crestview Hills, Ky., with a portfolio of more than 13,000 rooms. CASTLE SQUARE, WINNDEVELOPMENT TO REDEVELOP 102-UNIT SENIOR HOUSING COMMUNITY IN SOUTH END BOSTON — Castle Square Tenants Organization and WinnDevelopment have been selected by the Boston Housing Authority to redevelop the Eva White Apartments, a 102-unit, low-income senior housing community at 440 Trem- ont St. in Boston's South End. The 50-year-old, seven-story building includes 34 studio, 57 one-bedroom and 11 two-bedroom affordable apartments for seniors. As the majority owner, Castle Square will deliver programs and services to Eva White residents and will partner with WinnDevelopment on a two-year reno- vation project to upgrade apartment kitchens and baths as well as community spaces, mechanical systems and life-safety systems. A final project budget for renovations has not been set. Castle Square and WinnDevelopment first worked together in 1987 to purchase and renovate the 500-unit Castle Square Apartments in South End. The $50 million rehabilitation achieved a LEED Platinum rating from the U.S. Green Building Council. The Boston Marriott Quincy Hotel is located 12 miles south of downtown Boston.

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