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Torrington Properties tenant association finalizes five-year affordable contract with landlord
December 9, 2022
Boston, MA The sale of buildings too commonly triggers an endless torrent of rent increases and housing instability, significantly now as we recover from the pandemic.
National Development hires Briggs and Rollins as senior vice presidents
December 9, 2022
Newton, MA According to National Development, the firm has hired two new senior vice presidents, Don Briggs and Charlie Rollins, to its development group. Briggs comes to National Development from Eastern Real Estate where he was managing director – real estate.
Acella Construction president Dirubbo receives Twenty-First Century Leadership Award from Mayflower ...
December 9, 2022
Pembroke, MA According to Acella Construction Corp., company president David Dirubbo has been named this year’s Twenty-First Century Leadership Award recipient from the Mayflower Council, Boy Scouts of America. The awards dinner, held at Lombardo’s in Randolph, recognized Dirubbo and Acella for representing the ideas of the Scout Oath and Law and for good corporate citizenship and philanthropic support to the community.
One Dalton honored by CTBUH as a best tall building - developed by Carpenter & Co.
December 9, 2022
Boston, MA One Dalton, the tallest residential building in the city and home to Four Seasons Hotel and Four Seasons Private Residences, was honored by Council on Tall Buildings and Urban Habitat (CTBUH) as a best tall building worldwide in its height category.
Kelleher and Pentore of Horvath & Tremblay handle $8.03m sale
December 9, 2022
South Boston, MA Dennis Kelleher and John Pentore of Horvath & Tremblay have completed the sale of three apartment buildings for $8.03 million. Exclusively representing 42 North Capital in the partial disposition of their portfolio, Kelleher and Pentore sold 115 G St. for $2.6 million, 149 W 8th St. for $2.225 million and 870 E 5th St. for $3.2 million.
Hewitt joins High Street Residential as senior VP
December 9, 2022
Boston, MA According to High Street Residential (HSR), the residential subsidiary of Trammell Crow Co. (TCC), Carolyn Hewitt has joined the firm to lead multifamily development in the city. In her role as senior vice president, she will be responsible for sourcing, shaping and executing multifamily developments throughout the region.
Triglione, of Nordlund Associates, Inc. sells 4,300 s/f office for $1.65 million
December 9, 2022
Newburyport, MA Nordlund Associates has completed the sale of 7 Prince Place, Unit 301, in downtown. The 4,300 s/f office condominium was purchased for $1.65 million by the owners of Ambrosi, Donahue & Congdon, CPA, a local area certified public accounting firm.
Commercial Real Estate in High Inflation - by Harrison Klein
December 9, 2022
Buying real estate using significant leverage (debt) during times of high inflation can make tremendous sense. On a long-term basis, rents typically rise with inflation while interest payments stay the same. Financing acquisitions using 65% loan to value (LTV), a 10% increase in net income will result in a 31% increase in cash flow! Not to mention, increased cash flow often translates to an increased value of the asset to help solve for an exit.
MassDevelopment issues $36 million tax-exempt bond for The Park School
December 9, 2022
Brookline, MA MassDevelopment has issued a $36 million tax-exempt bond on behalf of The Park School, a nonprofit, coeducational day school for grades pre-K through eight, will use a portion of bond proceeds to fund several capital projects on its campus at 171 Goddard Ave.
Cyrier of MANSARD completes $2.85 million sale of 401-411 Main St., Wakefield, Mass.
December 9, 2022
Wakefield, MA Jeremy Cyrier, CCIM president and commercial real estate advisor of MANSARD, facilitated the $2.85 million sale of 401-411 Main St. MANSARD represented both the seller and buyer throughout this sale process.
Spire Investments purchases nine-unit apartment property at 1 Webster St. in Gloucester, MA for $1.6...
December 9, 2022
Gloucester, MA Jay Goldberg of Spire Investments has completed the purchase of 1 Webster St. The property, a nine-unit, four-story brick apartment building built in 1981, was purchased for $1.65 million, or $183,333 per unit.
Nettleship joins AEW Capital Management, L.P.
December 9, 2022
Boston, MA According to AEW Capital Management, L.P. (AEW) Chad Nettleship has joined the firm’s investor relations group, with a specific focus on the insurance industry. In his role, Nettleship will engage and work with U.S.-based insurance clients with respect to AEW’s real estate equity and debt investment capabilities.
Shawmut Design and Construction completes renovation to Boston City Hall Plaza
December 9, 2022
Boston, MA Shawmut Design and Construction joined the city of Boston on November 18 to celebrate the reopening of City Hall Plaza following its transformational renovation to create a modernized, everyday destination. The completed construction project, led by Shawmut in partnership with global design firm Sasaki, transformed the seven-acre plaza into a civic space for all.
Balletto, Paterno and Wright of NEPCG broker $3.435 million multifamily sale
December 9, 2022
West Haven, CT Northeast Private Client Group (NEPCG) has completed the sale of Terrace Heights Condos. The property sold for $3.435 million, located at 5 Treat St. It comprises three one-bedroom one-bathroom units and 32 two-bedroom one-bathroom units. Terrace Heights features off-street parking for residents and visitors.
J&M Brown Company completes electrical construction of Cambridge Crossing Parcel G building located ...
December 9, 2022
East Cambridge, MA J&M Brown Company (JMB) has completed the comprehensive core and shell electrical construction of the new 14-story, 510,000 s/f Cambridge Crossing Parcel G building located at 350 Water St. The Sanofi technology and research building, is comprised of 12 floors of research labs and offices; a two-floor electrical and mechanical penthouse; and a three-level below-grade parking garage.
Aho Properties completes four sales in Massachusetts totaling
$13.675 million - brings total sal...
December 9, 2022
Marlboro, MA Joel Aho, president of Aho Properties, was involved in $13.675 million of commercial real estate sales in the towns of Marlboro, Northborough, Littleton and Ayer, Mass. These sales bring the total sales for 2022 to over $23 million.
North Shore Realty Advisors, Inc. completes $15.5 million sale of The Diamond District Portfolio II
December 2, 2022
Lynn, MA North Shore Realty Advisors, Inc. has completed the sale of The Diamond District Portfolio II located at 262-268 Ocean St. This ocean front garden-style apartment community sold for $15.5 million which equates
Blackwood joins Pearce Real Estate as associate
December 2, 2022
New Haven, CT Izabela Blackwood has joined Pearce Real Estate as a residential sales associate and a member of the Edgehill Team in the New Haven office.
Litchfield of O’Brien Commercial Properties co-brokers 3,246 s/f lease at 33 Boston Post Rd. with ...
December 2, 2022
Marlborough, MA O’Brien Commercial Properties, Inc. (OCP) has co-brokered the lease of office space at 33 Boston Post Rd. OCP senior advisor Alan Litchfield represented the tenant, SiFive, the founder and leader of RISC-V computing.
SmartBear hosts ribbon cutting for 52,400 s/f office at Assembly Row
December 2, 2022
Somerville, MA SmartBear, a leading provider of software development and visibility tools, unveiled its expanded headquarters at an open house and ribbon-cutting ceremony attended by mayor Katjana Ballantyne. The company signed a seven-year