Boston Commercial Real Estate News
CoStar's People of Note (Nov. 24 - Dec. 7)
Sat, 07 Dec 2013 4:21AM
It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Tampa, Atlanta, Boston, San Francisco, Kansas City, Chicago, St. Louis, New York City, Northern New Jersey, Los Angeles, Salt Lake City, Philadelphia, Washington DC, Orlando, Dallas, and Hampton Roads. TAMPA Williams Joins CBRE By Cory Guy S
Market Trend: Boston's Retail Deliveries, Construction and Inventory
Thu, 05 Dec 2013 8:03AM
During the third quarter 2013, 15 buildings totaling 375,956 square feet were completed in the Boston retail market. Over the past four quarters, a total of 1,413,667 square feet of retail space has been built in Boston. In addition to the current quarter, 22 buildings with 429,302 square feet were completed in second quarter 2013, 15 buildings totaling 159,889 square feet completed in first quarter 2013, and 448,520 square feet in 20 buildings...
Work Begins On One Greenway in Boston's Chinatown
Thu, 05 Dec 2013 4:04AM
Private-equity firm New Boston Fund, Inc. and Asian Community Development Corp. have closed on the financing and ground lease and started construction on One Greenway, a 362-unit development bordering Chinatown and the Rose Kennedy Greenway. One Greenway will include two buildings that bookend a third of an acre of publically accessible open space. The 312-unit North Building includes 217 market rate rentals and 95 affordable rentals, while the...
Winstanley Closes On $33.35M Sale of Rhode Island Mall
Wed, 04 Dec 2013 8:53AM
Concord, MA-based Winstanley Enterprises agreed to a deal that sees the Rhode Island Mall in Warwick, RI change hands for the price of $33.35 million. The 226,515-square-foot retail condominium interest includes high profile tenants such as Wal-Mart and Kohl's, which occupy 136,000 square feet and 90,515 square feet, respectively. The third condominium unit, an attached vacant mall, was not included in the transaction. HFF's Jose Cruz, Andrew...
Skanska USA Sells 150 Second St. for $94.5 Million
Tue, 03 Dec 2013 6:02AM
Skanska USA Commercial Development Inc. sold the office building at 150 Second St. in Cambridge, MA to Alexandria Real Estate Equities, Inc. for $94.5 million, or about $766 per square foot. The property is a three-story, 123,000-square-foot lab and office facility constructed in 2012 in Kendall Square, a 10-acre master-planned development known for its collection of biotechnology and life science companies. Approximately half of 150 Second...
UMass Sells 30,336 SF Office Bldg. in North Grafton
Tue, 03 Dec 2013 2:25AM
A private investor purchased the office building at 3 Centennial Dr. in North Grafton, MA from The University of Massachusetts Medical School for $4.1 million, or about $135 per square foot. The 30,336-square-foot office building was constructed in 2002 and is located in The Boroughs submarket. The building was fully-leased at the time of sale. Tony Hayes of Colliers International represented the seller. Please see CoStar Comp #2881834 for...
CoStar Launches New Multifamily Offering Backed by Largest Database of U.S. Apt. Properties
Mon, 02 Dec 2013 7:57AM
With the launch this week of CoStar Multifamily(TM), CoStar adds a valuable new dimension to its service, making the same powerful information tools for office, retail and industrial property now available for the multifamily sector. The new service follows a massive effort by CoStar's research team to aggregate and confirm details on apartment communities containing five or more units. CoStar's 1,200-plus researchers have proactively captured...
O'Reilly Seals Deal in Devens Industrial Park for $20.7M
Tue, 26 Nov 2013 5:47AM
O'Reilly Automotive Stores, Inc. acquired a building in the Devens Commerce Center in Ayer, MA from a joint venture consisting of Hackman Capital Partners, Oak Tree Capital, and Calare Properties for $20.7 million, or about $56 a square foot. The single-story, 370,545-square-foot, 4-Star industrial building was built in 2000 and is located in the Ayer Industrial submarket. Anthony Coskren, Rick Schuhwerk and Brian Pinch with Jones Lang LaSalle...
WinnCompanies Hires New Executive VP
Tue, 26 Nov 2013 5:11AM
WinnCompanies appointed former Worcester City manager Michael O’Brien to executive vice president. In his previous role as chief executive in Worcester, O’Brien implemented programs to revitalize city neighborhoods and spur economic development through partnerships with local banks, non-profit organizations, and realtors. In his new role, O’Brien will oversee strategic planning, financial management, and client relationships for WinnDevelopment...
Church Renews Lease In Franklin
Tue, 26 Nov 2013 2:36AM
New England Chapel signed a six-year lease renewal for 28,656 square feet at 40 Kenwood Circle in Franklin, MA. The single-story 120,000-square-foot flex building was built in 1998, sits on 10.97 acres of land, and is located in the Kenwood Industrial Park. New England Chapel plans to renovate its administrative office, classrooms, and chapel area. They have been a tenant at this location for several years. James Stubblebine and Alan Ringuette...
In The Pipeline: CoStar Development & Construction News for Nov. 24 - 30
Mon, 25 Nov 2013 12:17PM
Hudson Yards Land Continues to Draw Strong Developer Interest Already hot land prices on the far west side of Midtown Manhattan are getting even hotter, with Alloy Development marketing 511 West 35th Street, west of Penn Station near Hudson Yards, for a reported $75 million. A tower of up to 415,000 square feet could be developed at the site, with the sale of air rights allowing the inclusion of 100,000 square feet of residential. However...
Jumbo Capital Acquires 9 Stuart Rd. for $11.7M
Mon, 25 Nov 2013 10:26AM
Jumbo Capital Management LLC, a Hingham, MA-based investment company, purchased the real estate and improvements at 9 Stuart Rd. in Chelmsford, MA from Clarion Partners for $11.7 million, or about $38 per square foot. The 286,000-square foot industrial building was built in 1974 in Boston's Lowell/Chelmsford Industrial submarket and is fully leased to Waddington North America. Christopher Lawrence of Jones Lang LaSalle represented the seller...