Linear Retail acquires two retail properties in Nashua, NH for $12.5 million

80 Pages·2016·51.25 MB·English

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Dec. 23-29, 2016
Linear Retail acquires two retail properties
in Nashua, NH for $12.5 million
SC COVER B
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CCoorrppoorraattee CCeenntteerr ffoorr $$1199..3355 mmiilllliioonn With the changing administration,
will cost segregation studies be
Jeff Hiatt
MS Consultants beneficial sooner rather than later?
Wessling Architects participates in
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Canstruction Boston Competition
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Quick Read
BioMed Realty
signs Shire to
343,000 s/f lease at
500 Kendall St.
BROKERED BY JOSEPH AND BARNETT OF CUSHMAN & WAKEFIELD
Fairlane Props. sells Boxborough
SEE PAGE 10A
Corporate Center for $19.35m
Linear Retail
acquires two
retail properties in BOXBOROUGH, MA According to Danaher Corp. This year, Fairlane
Michael Grill, president of Fairlane negotiated an 11 year extension with
Nashua for $12.5m Properties, Inc., they have completed Setra at 159 Swanson Rd. to continue
the sale of the Boxborough Corporate Setra’s occupancy at the building
which began in 1993. SynQor, a pri-
vately held company founded by an
MIT professor, is a leader in the power
converter industry and has occupied
155 Swanson Rd. since 2003.
Brad Spencer, a partner at Jumbo
Capital, said, “Setra and SynQor
are very strong companies with
Peter Joseph Brian Barnett
long-term relationships to the area,
Center (BCC) at 155 & 159 Swanson increasing our comfort level that they
Rd., to an affiliate of Jumbo Capital are likely to stay.”
Management, LLC for $19.35 mil- Jay Hirsh, managing partner at
SEE COVER OF SECTION B
lion. The 203,000 s/f, two-building Jumbo Capital, leads Jumbo’s transac-
campus is 100% leased on a long-term tion team of Howard Hirsh (partner),
IREM Metropolitan
basis to Setra Corp. and SynQor, Jordan Berns (partner), Brad Spencer
Boxborough Corporate Center, 155 & 159 Swanson Road - Boxborough, MA
Boston Chapter #4 Inc. Peter Joseph and Brian Barnett (partner), and Adam Fischer (acqui-
of Cushman & Wakefield of Massa- 26 acres at the intersection of Rte. offices of Setra and SynQor. Setra, sitions associate).
chusetts, Inc. brokered the sale for 111 and I-495, the two-story, brick a leader in the design and manufac- Middlesex Bank, which funded
IREM Metropolitan Boston Chapter #4
Fairlane Properties. and ribbon window buildings house turing of pressure and weight sensing Fairlane Properties in its acquisition
SWpinritnegr 22001166
Originally built for Digital Equip- the headquarters, manufacturing, devices, is a division of Fortive Corp., of the property, retained the loan on
ment Corp. in 1984 and 1985 on research & development, and sales a company recently split off from the property.
Stout of Atlantic Props.
INCLUDING 80-UNIT DIAMOND COURT APARTMENTS FOR $5M
brokers $8.6 million sale
Cawley and Braun of United Multi
Winter 2016 Newsletter Sponsors
Family brokers two sales - $6.15m
PLYMOUTH, MA Ben Stout of Atlantic
Properties represented PartyLite WATERBURY, CT United Multi Family
Gifts, Inc. in the sale of 59 Armstrong (UMF) brokered the sale of an 80-
Rd., a 96,000 s/f unit complex known as the Diamond
IREM® Boston office building
202 Parke Ave., Quincy, MA 02171
617-436-7565, IREMBOSTON.ORG for $8.6 million.
IREM is a trusted souArcne a ffofirli aktneo owfl ethdeg eN, aatdiovnoacal Acys saoncdia ntieotnw oofr kRinEgA LfoTOr tRhSe® re, al estate community
The property was
SEE SPECIAL INSERT
sold to Plymouth
3 Sections 76 Pages Rising Tide Foun-
dation Corp.
The acquisi-
Ben Stout
Editorial Page ..........................4A tion of 59 Arm-
Kurt Cawley Jason Braun
S. Feldman ...............................4A strong Rd. will allow The Rising Tide
Charter Public School to expand its Court Apartments located at 150
Carpenters Union ................6-7A
middle and upper schools and provide Manhan St., for $5 million ($62,500
Referral Network .................11A
enough land to construct athletic per unit). Kurt Cawley of UMF Diamond Court Apartments,150 Manhan Street - Waterbury, CT
CCIM Listing ..........................14A fields and other amenities for their handled the sale. The townhouse
Shopping Centers ..........SEC. B students. style residences were built in 1992 for $1.15 million ($95,833 per unit). improvements include replacement
Billboard ............................SEC. C Atlantic Properties is a privately and consist of 24 two-bedrooms, 54 Jason Braun of UMF handled the windows, updated septic system,
IREM ..............SPECIAL INSERT held commercial real estate company three-bedrooms, and 2 four-bed- sale. The two-story brick and alu- electric panels, fire detection system
founded in 1981 by Henry Stout. rooms. Cawley was able to sell the minum sided residences were built and LED lighting in common areas.
nerej.com Through the efforts of its dedicated property in an off market transaction in 1971 and consist of 6 two-bed- Braun was able to sell the property
professionals Atlantic Properties has as per the request of the owner. room, 5 one-bedroom and 1 studio in an off market transaction as per
December 23 - 29, 2016 become one of the premier commer- Also, UMF brokered the sale of a apartment. Situated on a .95 acre the request of the owner. Financing
cial real estate brokerage firms in 12-unit apartment building located site, there is off street parking and to acquire the property was provided
Volume 55 • Issue 51 Southeastern Mass. at 395 Purchase St. in Easton, Mass. a coin-op laundry facility. Recent by Mansfield Savings Bank.
Inside Cover A December 23 - 29, 2016 New England Real Estate Journal nerej.com
nerej.com New England Real Estate Journal December 23 - 29, 2016 1A
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Bourne $115,000 Dennis $79,000 Mashpee $11.15/sf Orleans $9 NN
Office Condo, 1260 sf, finished Popular year round gift & home 1,183 sq ft Industrial Warehouse For Lease: Center of town, walk-
with 4 private offices, kitchen & furnishings shop w/loyal custom- with (2) 14’ roll-up doors. $11.15 by traffic, highest visibility. 3320
conference room. er base in the heart of the Village. sq ft. sqft & 2120 sqft bsmt.
Ben Edgar 508.776.2635 Amy Harbeck 508.364.5845 John Callahan 508.737.1322 Nat Santoro 508.240.0334
A C o n s u l t a t i v e A p p r o a c h t o C o m m e r c i a l R e a l E s t a t e a n d B u s i n e s s e s
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Real Estate Law
Restrictions on leasing
REAL ESTATE INVESTMENTS DESIRED
in a condominium SERVING THE REAL ESTATE INDUSTRY SINCE 1963
Seeking to acquire multifamily and commercial properties
in Eastern Massachusetts and Southern New Hampshire There is a tension between unit Patty Colman, x251 John Picard, x250 Karen Dowell, x254
owners in a condominium who Publishing Director President Senior Vice President
We are looking for: question whether restrictions on [email protected] [email protected] [email protected]
• Multifamily, Retail, Office, Medical and Flex Buildings leasing may go too far and those Karen Rollins, x215 David Denelle, x283 Mary Pat Baldner, x212
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NOVEL IRON
WORKS, INC.
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6A December 23 - 29, 2016 New England Real Estate Journal nerej.com
Boston’s housing discussion needs a shift in tone
The hottest topic in Boston real estate housing that construction worker wages were On the other hand, union construction
right now is housing. How does the city only 17% of industry billings. brings numerous benefits to the commu-
build what it needs for projected popula- nity. In addition to middle class wages,
tion increases? How does it maintain a In Boston in the last ten years, construction labor building trades unions provide state-of-
solid core of middle class residents that costs have risen less than the cost of inflation. the-art training programs that are respon-
mean so much to Boston’s identity and And for union rates, those costs have been more sive to the industry. They recruit the next
economy? predictable, because of multi-year collective generation of workers and instill pride
bargaining agreements. in the people who are currently doing
While a lot of time and ink have been the industry’s “dirty jobs.” They ease the
used discussing the issue, there are some Renters and buyers have not been so fortunate burden on MassHealth and other public
fundamental assumptions being made that when it comes to other costs. The cost of land assistance programs.
need to be corrected. acquisition in Boston has risen 4.4 times the rate
of inflation. Financing has risen 5.4 times higher Having a greater number of building
The Carpenters union has a strong inter- than inflation rates. trades workers living in Boston homes
est in middle class housing because it increases the likelihood that those build-
creates both employment and housing for The numbers paint a clear picture: land costs are ings—and neighboring ones--will be
our members. We believe we have been up 42% while actual construction costs are only improved and maintained. It also means
and can be a vital part of efforts to create up 6%. members or organizations that teach com-
workforce housing going forward. munity involvement feel like they have a
Decision-makers should consider other costs as- greater stake in Boston’s future.
The fact that building is expensive in sociated with construction, particularly nonunion
Boston is an accepted relative fact. But construction. In New York City—which has We are not ignorant of the differences in
where the costs come from needs to be become something of a test case for nonunion market forces between the commercial
understood if we’re going to meet the construction of housing—construction accidents and residential sectors. For 20 years, the
needs of the community and not just have gone up almost five times as much as build- rates for residential wood frame carpen-
build cheap housing. ing activity. ters have been separate from and signifi-
cantly less than those for commercial
It’s not union construction labor costs. Additionally, it is estimated that more than one carpenters.
third of the construction workers in the New
Multiple studies conducted on Boston York City residential segment are either working There are legitimate discussions to be
and New York show that other factors entirely for cash, or as independent contractors. had about the way Boston will build the
contribute much more to the increased That means tax and insurance fraud, robbing lo- housing it needs. The Carpenters union
cost of housing than labor costs. cal governments of desperately needed revenue. will continue to remain a part of those
It means wage theft, increasing reliance on pub- discussions because we represent both the
Studies of housing in Boston and New lic services. And it means rampant exploitation workers who build housing and residents
York showed that labor and materials of immigrant workers. who should continue to live in it.
expenses make up just over half of the
development costs for housing. Former It is a ridiculous proposition to insist that union
Boston Redevelopment Authority (BRA) contractors can or should compete against build-
economist John Avault estimated in his ers and developers benefitting from such shame-
study of New York City multifamily ful practices.
New England Regional
Council of Carpenters
NERCC.org