Allston, MA JLL’s Capital Markets group has arranged a $750 million construction loan for the first phase of the Enterprise Research Campus, a 900,000 s/f, mixed-use development located near Harvard University. The $750 million loan represents one of the country’s largest construction loans closed year-to-date 2023.
Chelsea, MA Dennis Kelleher and John Pentore of Horvath & Tremblay have completed the sale of 268 & 278-280 Washington Ave., a 16-unit apartment building with a parking lot for $4 million. Kelleher and Pentore exclusively represented the seller, Hhc One Massasoit, LLC and procured the buyer, Broadway Capital.
Lancaster, MA R.W. Holmes has facilitated a new 23,390 s/f industrial lease. F&M Tool and Die, a highly experienced machine shop specializing in mold making, mold maintenance, and mold repair in central Massachusetts, has secured a lease for 851 Sterling Rd.
Cambridge, MA King Street Properties (King Street) and Healthpeak Properties celebrated the grand opening of its new life science facility at 101 Cambridgepark Dr. The 160,000 s/f laboratory property was developed by King Street in the premier life science cluster.
Fitchburg, MA Joel Aho, president of Aho Properties completed three deals recently. Aho represented ownership in the sale of a 7,200 s/f industrial/auto building on 0.39 acres at 41 Summit St. for $550,000. Aho also procured the buyer directly in an off-market transaction.
Worcester, MA Pizzarella Irrevocable Trust recently sold a 4.5-acre lot to 1059 Grafton Street LLC, that will be improving it with a car wash, including 4,000 s/f of building and a 120 foot tunnel at 1059 Grafton St. Pizzarella Irrevocable Trust was represented by NAI Glickman Kovago & Jacobs vice president, Jeff Borus.
Why are institutions buying industrial buildings at extremely aggressive cap rates? It’s all about the opportunity to move the low in-place rents up to market. This is known as a “mark to market” opportunity. While office and retail rents generally sit at or above market, industrial rents are commonly 10%-50% below market.
Boston, MA Professional Ladies Association (PLA!) Boston has presented an impressive summer networking event series. Following a highly successful year of events, PLA! is proud to bring back the “Sip & Swing” series which started in June. Additional dates include July 26
th, and September 13
th at Quincy’s renowned Granite Links Country Club.
Boston, MA According to Willamette Management Associates, a Citizens company, Marc Bello has joined the firm as a managing director. He will lead Willamette’s new Boston office. Bello’s professional expertise centers in the areas of business valuation, forensic accounting and financial consulting services dealing with complex compensation and taxation issues.
Boston, MA Shawmut Design and Construction, a leading $1.3 billion national construction management firm, announced the completion of the public spaces renovation at the Four Seasons Hotel Boston at 200 Boylston St. The transformation includes a new restaurant
