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MAY 3, 2013

Sources: DivcoWest, Synergy Buying Archon Seaport Portfolio for $53M

B

THE REAL REPORT

Comcast Cometh

OSTON — A major investment sales agreement being quietly hammered out by the Archon Group has the real estate giant peddling a handful of commercial buildings in Boston’s booming Seaport District for a price expected to be approximately $53 million. According to industry sources, DivcoWest of San

continued on page 19 Seaport District, Boston MA

NAI/Hunneman Plans for CRE Sales BY JOE CLEMENTS tic, but after engaging NAI/Hunneman HELMSFORD — In 16 Elizabeth Dr., Commercial Co. to develop one, the chalBrooks Automation owned a dilem- lenge seemingly has been achieved, as evima—how to disdenced in a new sales pose of a vacant 91,000listing of a building sf flex/office building in fully leased to Teleflex a climate where the Medical. worth of fallow real “They are thrilled,” estate has been practiNAI/Hunneman Capital cally nil since the 2008 Markets specialist market crash. The soluDouglas V. Jacoby says tion was hardly simplis- Douglas V. Jacoby Michael M. McCarthy continued on page 15

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9 Forbes Rd., Woburn MA

WOBURN — A sale/leaseback gone sideways caused the owners of 9 Forbes Rd. to scramble over the past year, but the 77,000-sf flex/industrial building has taken a big step towards being righted after Comcast this week committed to nearly 30,000 sf in the 24-year-old structure owned by CRE veterans Robert Gordon and Gerry McSweeney. Jones Lang LaSalle advised Comcast and Lincoln Property Co. landlord City North Development in a 10-year commitment at the single-story structure that abuts Interstate 93 South just past the Interstate 95/Route 128 interchange. “It’s a great deal for the building continued on page 7

CBRE/NE Near $400M in MultiFam Trades they either a Red Sox fan or member of CBRE/New England’s multifamily sales team which completed a series of major transactions from Greater Boston to Providence and is now approaching $400 million for trades year-todate. The latest barrage ranges from 62 Dorchester apartments bought by Urban Capital Schoolhouse Apartments at Lower Mills, Dorchester MA continued on page 21 BY JOE CLEMENTS

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OSTON — April is said to be the cruelest month, but one would not feel that way in the 2013 version were


2

THE REAL REPORTER

May 3, 2013

NAIOP 2013 Bus Tour Shows Suburbs Shining You walk all over our work. Thank you.

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NAIOP of Massachusetts’ 11th Annual Bus Tour was held Wednesday, May 1st, 2013 BY MIKE HOBAN

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OSTON—If there was a message delivered at NAIOP of Massachusetts’ 11th Annual Bus Tour this week (themed The subURBAN transformation), it was that when competing for quality tenants, new—or at least renovated—space is definitely better. With the average age of janitronics.com Route 128 office buildings pushing 30 years, landlords are either making significant capital investments or building new mixed-use develReal estate is about more than opening doors. It’s about unlocking JanitronicsAds_1109_CS5.5.indd 3 11/13/12 10:00 AM opments using the Live, Work, Play approach potential. The Greater Boston Real Estate Board is the key to maximizing seen as a new design standard. opportunities and taking achievement to a new level. We’re your source The tour highlighted a number of those for insider blogs. Breaking industry news. Social developments, beginning with the New media networking. Legal/egislative updates. And David Begelfer England Business Center in Needham (recentmore. We give you a real voice in real estate. ly dubbed Needham Crossing) where the convoy launched. The building housing the preFind out more. Key in www.gbreb.com. tour breakfast, 37A St., (which in keeping with the day’s theme, is scheduled to be replaced), is located in one of a park segment (Center 128) being redeveloped by Normandy Real Estate Partners. The 827,000-sf project will be comprised of four new office/lab buildings with Thomas DeSimone the ground floor retail, as well as a 128-room Marriott Residence Inn that will open “later this summer,� according to Normandy principal Justin Krebs who also confirmed that “official or not official, we are under a letter of intent and in negotiations with a large headquarters location�—i.e., the long-rumored Trip DEVELOPMENT | EMPOWERMENT | ADVANCEMENT Advisor—for a 285,000-sf build-to-suit. Krebs also announced that the firm had partnered www.gbreb.com Theodore Tye with The Bulfinch Cos. (another owner with significant holdings in the park) to re-brand Needham Crossing RHA BOMA CBA GBAR REFA Key while also making environmental, road and signage improveRental Building Owners Commercial Greater Boston Real Estate members Housing and Managers Brokers Association of Finance powered by ments. “We’re very well-positioned to be able to deliver a great Association Association Association REALTORS Association GBREB

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Ellen Kantrowitz

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Senior Vice President FHA Finance ekantrowitz@walkerdunlop.com (781) 707-9309

Vice President FHA Finance HJXHOÀ#ZDONHUGXQORSFRP (781) 707-9344

Christopher Rumul

Vice President FHA Finance crumul@walkerdunlop.com (781) 707-9466

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THE REAL REPORTER

4

May 3, 2013

After $52M Apartment Buy, Hamilton Co. Taking Notes The bank of choice for

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B

OSTON — As Hamilton Co. proved again this week, the Allston-based real estate firm has money to buy buildings, having picked up 134 condo-quality apartments in the South End for $52 million, putting the firm at near $300 million in CRE acquisitions over the past three years. Now, Hamilton is embarking on a campaign to acquire mortgages backing select properties, with a focus on multifamily deals. “We think it is a good time to be buying notes,” Hamilton President Carl A. Valeri says this week. “A lot of banks and other lenders are exhausted” by historically low interest rates on properties and in seeking solutions to existing loan pools will contribute to a wave of debt opportunities being made available that Hamilton intends to pursue, as it has in previHarold Brown ous cycles. In the latest go-round, however, the firm founded by apartment giant Harold Brown has formed an actual entity, Hamilton Lending Co. Valeri stresses that the intention is to buy notes, not produce or service them, and to concentrate on the firm’s core geography, i.e. inside Route 128. Valeri says Hamilton’s familiarity with that area should help in pricing debt prudently, and Carl A. Valeri expresses confidence on the chances of persevering in a competitive environment filled with other savvy locals. The same holds true for equity purchases, he says, although Valeri characterizes the most recent conquest a rare gem that he does not anticipate will surface again soon. “It was a great developer (the late Max Kargman) and a great building, and a deal like Sally E. Michael this doesn’t come along very often,” Valeri says of the fully leased building that is part of a three-building condominium complex developed close to Northeastern University, continued on page 18


THE REAL REPORTER

May 3, 2013

BRA Tabbed to Market Net-Leased NH Staples

Staples, Claremont NH BY JOE CLEMENTS

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LAREMONT, NH — The bucolic hilly landscape of this Granite State community on the Vermont border does have its own man-made attractions, including a ridge of retail cutting along Washington Street, upon which sits a 23,950-sf Staples being listed through Boston Realty Advisors. The 12year-old property at 286 Washington St. is being made available at slightly under $3.5 million, promising investors a hefty capitalization rate of 9.5 percent. The reason, explains retail ace Michael d’Hemecourt, is a near-term expiration of the Staples contract, which has just three years remaining. The Claremont asset has unique elements that should salve any nerves, opines d’Hemecourt, leader of BRA’s Commercial Investment Sales team. “I think it will get really good interest,” d’Hemecourt tells the Real Reporter this week Michael d’Hemecourt in acknowledging the assignment as BRA continues to expand from its base in Greater Boston. North of Massachusetts, the firm has already worked in Maine and other parts of New Hampshire, but d’Hemecourt says Claremont is on the map for increasing sources of capital, as evidenced by the range of known retailers lining the roadway. On top of its very own Wal-Mart, Claremont boasts a Hannaford Supermarket and Market Basket, plus Big Lots, Home Depot, Payless, Sears/Kmart, TJ-Maxx and VIP Auto. One potential lure could be Vermonters hoofing it across in search of tax-free savings, with the Staples said to do a brisk business from those seeking products including furniture and technology found at the only office superstore within a 20 mile loop and a mere five miles from Vermont. “The site has excellent, street visibility,” d’Hemecourt adds of the two-acre parcel. Given all that, d’Hemecourt says there is a reasonable chance Staples will opt to renew one of its three options that each extend five years when the clock hits September 2016, something which would give the buyer carefree cash flow from the office superstore whose revenues hit $24 billion last year. Were a deal not attained, the real estate is expected to remain attractive in a stretch where new construction has been slow to n rebound since the recession, benefitting in-place assets.

5


THE REAL REPORTER

6

May 3, 2013

Colliers Joins Forces With Granite State Grubb Team

bond deals condominiums construction conveyance development environmental financing industrial

Thomas J. Hynes Jr.

Tom Frisardi

tfrisardi@davismalm.com

landlords

Manchester, New Hampshire

M

leasing litigation mixed-use multifamily office subdivisions zoning

Bob Galvin

rgalvin@davismalm.com

At Davis Malm, we make your business our business. Just ask these experienced real estate lawyers.

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ANCHESTER, NH — Colliers International of Boston this week extended the Robert Roher full-service real estate firm’s reach north of the Massachusetts border, entering New Hampshire via a partnership with the former office of Grubb & Ellis of Northern New England. Robert Rohrer, managing director of transaction services in the Manchester office, says that teaming up with the Colliers office is strategically prudent for both sides due to a variety of reasons. “From a culture point of view and from a services point of view, it was just a good match,” Rohrer tells the Real Reporter after the announcement was unveiled via a press release. “They’re very much a client-first oriented firm, and as a full service company they have all of the aspects of the business that we have and then some, so it just made sense.” The new partnership will operate out of two locations—in Manchester and Portsmouth—and its New Hampshire operation under the Grubb flag has been offering a full spectrum of CRE and asset management advice to clients in the Granite State and abutting Maine for more than 20 years. In 2012, the office (now known as Colliers | New Hampshire) completed 143 leases totaling more than $37 million, brokered 29 property sales totaling $26 million, placed commercial financing in excess of $85 million, and oversaw more than 1.2 million sf under management. “We really look forward to a great working relationship with (the new team),” says Thomas J. Hynes Jr., Co-Chairman and CEO of Colliers Boston office. “I think we’re aligned in terms of our business units and objectives and we’ve known each other over the years and done business with them in the past and it was a natural fit.” The Manchester and Portsmouth team includes four Certified Commercial Investment Members (CCIM), 11 commercial real estate associates, and two Certified Property Managers (CPM), as well as a team of commercial finance professionals and inhouse marketing and research staff. The New Hampshire team joins Colliers’ 13,500 professionals in 482 offices spanning 62 n countries.


THE REAL REPORTER

May 3, 2013

7

Rob Cronin

9 Forbes Rd., Woburn MA

The Real Report continued from page 1

and a real boost for the market,” says LPC Vice President Rob Cronin, exclusive agent for 9 Forbes Rd. Cronin worked with JLL’s Brian Connolly on the assignment that continues a robust start to 2013 for the flex sector north of Boston. Cronin is focused on the Wilmington/Woburn region that is a haven for such product so close to Boston barely 10 miles south. Woburn alone has more than one million sf of flex

G R E A T E R

and industrial product, space that is increasingly in demand after a lengthy slide since the 2008 depression, according to Cronin. “The last quarter has seen a real uptick in activity,” he says, evidenced by the traffic seen at 9 Forbes Rd. That view is shared by McSweeney, so much so that he expresses optimism the remaining inventory will be spoken for in the coming months. “We have seen a lot of improvement in the local economy,” McSweeney conveys, adding, “that seems to be helping

B O S T O N

R E A L

the market in a big way.” At City North Gerald McSweeney Development, McSweeney and Gordon have focused on triple-net real estate such as 9 Forbes Rd. this decade. The founder of the Store 24 convenience store chain, Gordon launched his Haverhill-based investment company in 2002, securing the Woburn deal for $7.47 million when they arranged a sale/leaseback pact with Azure Dynamics, a firm which alarmingly went bankrupt shortly thereafter, leaving the

E S T A T E

continued on page 14

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THE REAL REPORTER

8

May 3, 2013

Commercial Deals MILLION DOLLAR MORTGAGES/SALES APRIL 22 - APRIL 26, 2013

APRIL 26TH MTG: $6,031,000 from Greystone Servicing Corp. ADD: 41 and 43 Bay State Rd. Boston BORROWER: Symphony Bay Properties LLC, managed by Anwar Faisal BUYER: 127 St. Botolph Street LLC, managed by Copley Development & Management SELLER: Lynx Botolph LLC, mgd. by Janet Doyle PRICE/ADD: $3,650,000; 127 St. Botolph St., Boston NOTES: Multifamily property, const. 1920; seven-plus units; building size is 6,700 sf, lot size is 2,500 sf; seller’s family ownership in property dates to May 1977

BUYER: Hanover Automotive Properties LLC, managed by William M. McLaughlin SELLER: M And S Limited Partnership, managed by Donald R. Smith, president PRICE/ADD: $2,400,000; 1988 Washington St., Hanover MTG: $1,920,000 from Merchants Bank NOTES: Industrial property, constructed 1993; auto repair shop; building size is 3,900 sf, lot size is one acre; last sold for $1,403,000 in May 2003 MTG: $1,300,000 from East Cambridge SB ADD: 28-32 Centre St., a/k/a 28-38 Center St.,Watertown BORROWER: EuSocial Development LLC, managed by David L. Aposhian MTG: $1,150,000 from Pilgrim Bank ADD: 22 Dwight St., Boston BORROWER: AEP LLC, mgd. by Alexandra Demeter BUYER: Carol Ann Gately and John P. Gately Jr., trustees of CAP Realty TR SELLER: 45 Meeting House Lane Realty LLC, managed by Frank A. Sullivan PRICE/ADD: $1,050,000; 45 Meeting House Ln., Bourne MTG: $600,000 from Hingham Institution for Savings NOTES: Retail property; building size is 6,000 sf, lot size is 1.5 acres; last sold for $1,050,000 in Dec. 1999 BUYER: SDI LLC, managed by Disston Co. SELLER: RHD Realty LLC, managed by Kendall J. Walsh III PRICE/ADD: $1,050,000; 45 Plainfield St., Chicopee NOTES: Industrial/flex property, constructed 1965; building size is 129,750 sf, lot size is 4.5 acres; last sold for $2,084,510 in June 2004

Photo: Derek Szabo

MTG: $2,632,000 from Hingham Institution for Savings ADD: 302-304 Whiting St., Hingham BORROWER: John A. Woodin, trustee of 302304 Whiting Street LP MTG: $1,000,000 from South Shore SB ADD: 210 Amory St. and 146 Boylston St., Boston BORROWER: Russell A. Stewart, trustee of 146-210 Stonybrook Realty TR

APRIL 25TH MTG: $3,635,000 from Digital Federal CU ADD: 431-439 Hanover St., Boston BORROWER: Dror Ashuah, trustee DD&Z Realty TR MTG: $2,335,000 from Brookline Bank ADD: 7-15 Hilldale Ave., Haverhill BORROWER: Mark Dubinsky, Leonard D’Orlando and Lisa D’Orlando, trustees of Casmo Realty TR BUYER: Whitman Homes Inc. SELLER: Pinehills LLC, mgd. by the Green Co. PRICE/ADD: $2,400,000; Lots 15-258 through and including Lots 15-268, A-238, A240 and A-241, Boatwright’s Loop, Plymouth MTG: $2,080,000 from South Coastal Bank NOTES: Multiple land parcels MTG: $2,100,000 from South Shore Bank ADD: 30 Tremont St., Duxbury BORROWER: Island Creek Village West LP, managed by John W. Keith MTG: $1,250,000 from Brookline Bank ADD: 360-374 Broadway St., Lawrence BORROWER: Leonard D’Orlando & John Gehrisch trustees of the Governors Joint Venture Realty TR

APRIL 24TH MTG: $46,700,000 and $82,000,000 from HSBC Realty Credit Corp. ADD: 1 Franklin St. and 6-12 Summer St., Boston BORROWER: MP Franklin Burnham Co LLC and MP Franklin Tower Co LLC, managed by Millennium Partners

BUYER: MP Franklin Tower Co LLC, managed by Millennium Partners SELLER: 426 Washington Street Owner LLC, managed by Vornado Realty TR PRICE/ADD: $70,000,000; 426 Washington St., Boston NOTES: Purchase of partnership interests in Downtown Crossing mixed-use project BUYER: MP Franklin Burnham CO LLC, managed by Millennium Partners SELLER: 426 Washington Street Owner LLC, managed by Vornado Realty TR PRICE/ADD: $20,000,000; 426 Washington St., Boston NOTES: Purchase of partnership interests in Downtown Crossing mixed-use project MTG: $6,000,000 from Farm Credit East ACA ADD: 23 Bartlett Farm Rd. and 15 Somerset Ln., Nantucket BORROWER: Bartlett Farm LLC, managed by John W. Bartlett BUYER: ABC Commercial Properties Waltham Inc., mgd. by Bharat Patel, president and treasurer SELLER: Koda Ventures Waltham I LLC, managed by Timothy Chamberlain PRICE/ADD: $5,425,000; 159 Overland Rd., Waltham MTG: $3,797,500 from Northway Bank NOTES: Office property, constructed 1988; building size is 30,250 sf, lot size is 10,800 sf; last sold for $4,500,000 in Nov. 2010 MTG: $2,100,000 from Avidia Bank ADD: 14-16 E. Springfield St., Boston BORROWER: 16 E Springfield Street LLC, managed by V. William Avanessian, Brent A. continued on page 9


THE REAL REPORTER

May 3, 2013

9

Commercial Deals MILLION DOLLAR MORTGAGES/SALES APRIL 22 - APRIL 26, 2013 continued from page 8 Berc and Patrick Haydon MTG: $1,700,000 from Webster Bank ADD: 9 Abbotsford Rd., U-3; 39 Alpha Rd., U-2; 95 Draper Rd., U-3; 7 Ferndale St., Units 7, 9A and 9B; 18 Franklin St., Units 1 and 2; 1 Lorenzo St.; 46 Lyon St., U-1; 144 Norwell St., Units 1-3, Boston; and 21 Staples Rd., U-47, Everett BORROWER: Equity Builders LLC, managed by Thia M. Philbin

MTG: $1,175,000 from Scituate Federal SB ADD: Lot 2 Hawley Rd.; and Lots 4, 5 and 6 Irving Rd., Scituate BORROWER: Marvel Homes LLC, managed by Paul L. Sheerin MTG: $1,100,000 from TD Bank ADD: 160 Commercial Ave., Units 3 and 3A, Boston BORROWER: Ivy Street Investments LLC, managed by Andrea Piatt MTG: $1,000,000 from Rockland Trust Co. ADD: 2527 Cranberry Highway, Units B1-UB3; U-C1-UC3; U-D1-D3; and E, Wareham BORROWER: W. Scott Cubellis

APRIL 23RD BUYER: Storage Pros Franklin LLC, managed by LB Acquisitions LLC, David Levenfeld, manager SELLER: Edgar R. Alger III, Joyce Haseotes and Julius Nicolai, trustees of the Byron Haseotes Living TR PRICE/ADD: $3,760,000; 14 Grove St., Franklin MTG: $3,750,000 from Eastern Bank NOTES: Industrial property, constructed 1969; building size is 84,000 sf, lot size is 2.1 acres; last sold for $640,000 in Dec. 1985 BUYER: Hecht Shrewsbury LLC, managed by Kenneth W. Hecht SELLER: Douglas Smith, Frederick Smith and Stuart M. Smith, trustees of D&S Real Estate TR PRICE/ADD: $2,500,000; 910 Boston Tpk., Shrewsbury MTG: $1,825,000 from Salem Five Cents SB NOTES: Industrial property; lot size is 3.79 acres; last sold for $1,100,000 in Dec. 1992 BUYER: 93 Hillside LLC, managed by Mark Lepler SELLER: Noreen E. Loughran PRICE/ADD: $1,503,000; 170 St. Alphonsus St., Roxbury MTG: $1,320,000 from Cambridge Savings Bank NOTES: Three-decker, constructed 1905; building size is 4,725 sf, lot size is 3,800 sf; seller

Photo: Derek Szabo

MTG: $1,375,000 from Brookline Bank ADD: 4-12 and 16-18 Elm St., and 711-723 Somerville Ave., Somerville BORROWER: Leonard D’Orlando and John Gehrisch, trustees of Treo Joint Venture Realty TR

inherited property in Jan. 1987 BUYER: 294 Harvard Street LLC and 50 Mystic Avenue LLC, both mgd. by Derek R. Stephens SELLER: W.F. Lacey & Sons Co., managed by Lori Ann Lacey, president PRICE/ADD: $1,305,000; 50 Mystic Ave., Medford MTG: $1,500,000 from Brookline Bank NOTES: Industrial service shop; building size is 15,275 sf, lot size is 39,475 sf MTG: $1,000,000 from RBS Citizens ADD: 88 Sleeper St., Boston BORROWER: Scott Garvey and Stuart J. Vidockler, trustees of Rushlight Real Estate TR

APRIL 22ND MTG: $9,500,000 from Salem Five Cents SB ADD: 90 Middlesex Tpk., Burlington BORROWER: Paul A. Calvo, trustee of R.C. Trust BUYER: 881 Second Street LLC, managed by Peter J. De Clercq SELLER: J&E Realty TR, managed by Jason Penn PRICE/ADD: $866,000; 881 E. Second St., Boston MTG: $6,633,475 from First Commons Bank NOTES: Land parcel; lot size is 12,500 sf; last sold for $325,000 in Dec. 1982 BUYER: 206 West Brookline Properties LLC SELLER: Christopher R. Yens PRICE/ADD: $2,150,000; 206 West Brookline St., Boston NOTES: Multifamily property, constructed 1899; four- to six units; building size is 4,750 sf, lot size is 1,150 sf; seller’s family ownership in property dates to July 1973 MTG: $2,116,923 from First Commons Bank ADD: 37, 39 and 41 P St., Boston

BORROWER: 37 P Street LLC, mgd. by Kevin Horan BUYER: 350 Squire Road LLC, managed by Alliance Energy SELLER: Global Companies LLC, managed by Andrew Slifka PRICE/ADD: $2,000,000; 350 Squire Rd., Revere MTG: $1,584,000 from Northern B&T Co. NOTES: Retail property, const. 1991; building size is 1,025 sf, lot size is 23,475 sf; property acq. by seller in Sept. 2010 as part of four-building portfolio MTG: $1,925,000 from Bank of America ADD: 232 Main St., Barnstable BORROWER: Wayne Kurker, trustee 232 Main Street Realty TR BUYER: Iandoli Properties LLC, managed by William J. Iandoli SELLER: Cheryl Deschenes and Patricia Fellman PRICE/ADD: $1,700,000; 51 Man Mar Dr., Plainville MTG: $1,360,000 from Rollstone B&T NOTES: Single-story flex property, const. 2005; seven units; building size is 13,325 sf, lot size is 1.2 acres; property last sold for $115,000 in Jan. 2004 BUYER: Wales Village LLC, mgd. by Nathan Weiss SELLER: Wales Brookside Village LLC, managed by Raymond Antonacci PRICE/ADD: $1,312,500; 199 Stafford Rd., Wales MTG: $1,050,000 from Dime Bank NOTES: Land parcel and mobile home park; lot size is 21.5 acres; property last changed hands in Jan. 1964 MTG: $1,140,000 from Digital Federal Credit Union ADD: 436 Marrett Rd., Lexington BORROWER: Autobahn Engineering LLC,


THE REAL REPORTER

10

May 3, 2013

Residential Deals MILLION DOLLAR MORTGAGES/SALES APRIL 22 - APRIL 26, 2013

APRIL 26TH BUYER: Bernadine Caruso and Michael Caruso SELLER: Annabell Washburn, general partner of The Stanley Washburn Jr. Family Partners LP PRICE/ADD: $2,900,000; 101 South Water St., Edgartown NOTES: Single-family historic property, constructed 1890; house size is 2,550 sf, lot size is 1.1 acres; four bedrooms and 3.5 baths; seller’s family ownership in property dates to May 1975 MTG: $2,630,000 from Cambridge Trust Co. ADD: 25-27 Reservoir St., Cambridge BORROWER: Philip Y. DeNormandie and Ernestine N. Rathborne BUYER: Scott Carmel SELLER: Redco Properties, mgd. by Elsa Reddish PRICE/ADD: $2,550,000; 69 Windsor Rd., Needham MTG: $2,000,000 from First Republic Bank NOTES: Single-family Colonial, constructed 2012; house size is 6,375 sf, lot size is one acre; six bedrooms, six baths and two half-baths; property last sold for $725,000 in Dec. 2011 BUYER: Sanjiv Mirchandani SELLER: Jim Yong Kim and Younsook Lim PRICE/ADD: $1,512,500; 1 Charles St. South, U-1204, Boston MTG: $500,000 from JPMorgan Chase Bank NOTES: Unit in high-rise condo; unit size is 1,700 sf; three bedrooms and three baths; unit last sold for $1,550,000 in Sept. 2005; Declaration of Homestead BUYER: The Toofi LLC, managed by Waleed A. Al Zamil, Kingdom of Bahrain SELLER: Young Chool Yoo PRICE/ADD: $1,350,000; 2 Avery St., U-31G, Boston NOTES: Unit in high-rise condominium; unit size is 1,250 sf; one bedroom and two baths; unit last sold for $1,155,000 in June 2005 BUYER: Jean Qi Qiu and Danlin Wu SELLER: Province Development Partnership, managed by the Abbey Group PRICE/ADD: $1,290,000; 45 Province St., U1805, Boston MTG: $1,016,000 from Wells Fargo Bank NOTES: New unit in 45 Province Condominium; unit size is 1,300 sf; two bedrooms and two baths BUYER: Jennifer V. Doran SELLER: Travis Farncombe PRICE/ADD: $1,220,000; 409 Beacon St., U-PH, Boston MTG: $976,000 from Bank of America NOTES: Unit in low-rise condominium; unit size is 1,475 sf; two bedrooms and two baths; unit last sold for $1,300,000 in May 2009; Declaration of Homestead

An historic single-family home in Concord has changed hands for $1,115,000 as Bruce K. Walker and Frances M. Walker acquire 201 Lexington Rd. in Concord from Deborah P. Clark and Hilary P. Clark, whose ownership in the property dates back to Nov. 1968. The Walkers financed their purchase of the 4,250-sf, six-bedroom home with an $836,250 loan from Mortgage Network.

BUYER: Caitlin S. Cann and Christian M. Cann SELLER: Alice Erickson and Kenneth Erickson PRICE/ADD: $1,215,000; 45 Monument Ave., Boston MTG: $972,000 from Leader Mortgage NOTES: Single-family brick Rowhouse, constructed 1871, renovated 1997; house size is 1,750 sf, lot size is 1,125 sf; six bedrooms and three baths; last sold for $230,000 in April 1985

BUYER: Steedman L. Bass, trustee of Bass 32 Appleton Realty TR SELLER: Arline Sutherland & Jeffrey Sutherland PRICE/ADD: $1,030,000; 32 Appleton St., Somerville NOTES: Single-family, constructed 1930; house size is 3,400 sf, lot size is 2,300 sf; three bedrooms and 2.5 baths; last sold for $724,000 in May 2002; Declaration of Homestead

BUYER: Eric Goldberg and Jose Menoyo SELLER: Daniel Santangelo & Joseph Santangelo, trustees of Santangelo Love Lane Realty TR PRICE/ADD: $1,150,000; 72 Love Ln., Weston MTG: $2,520,000 from Wellesley Bank NOTES: Single-family, constructed 2013; house size is 10,000 sf, lot size is 1.5 acres; five bedrooms and eight baths; portion of property acquired by seller for $800,000 in April 2012; Declaration of Homestead

BUYER: Daniel Tarsy and Louise Tarsy SELLER: Catha Hesse and John R. Hesse, a/k/a Jack Hesse PRICE/ADD: $1,006,112; 16 Davis Brook Dr., U-13, Natick MTG: $300,000 and $504,000 from First Republic Bank NOTES: Townhome unit in low-rise condominium; unit size is 4,000 sf; four bedrooms and 3.5 baths; unit last sold for $1,320,913 in May 2003; Declaration of Homestead

BUYER: Jiayi Li and Jun Liu SELLER: Denise Merullo and Joseph Merullo PRICE/ADD: $1,100,000; 42 Victoria Rd., Sudbury MTG: $202,317.50 from the President and Fellows of Harvard College and $465,750 from Guaranteed Rate NOTES: Single-family Colonial, constructed 2009; house size is 4,200 sf, lot size is one acre; five bedrooms and 3.5 baths; property last sold for $420,000 in June 2007; Declaration of Homestead

APRIL 25TH BUYER: 46 Suffolk Road LLC, managed by Jeffrey Birnbaum SELLER: Harriet H. Shields and R. Robert Woodburn, trustees of the Haffenreffer Chestnut Hill Realty TR PRICE/ADD: 46 Suffolk Rd., Newton MTG: $3,700,000 from The Village Bank continued on page 14


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May 3, 2013

11

Residential Deals MILLION DOLLAR MORTGAGES/SALES APRIL 22 - APRIL 26, 2013 continued from page 10 NOTES: Single-family Colonial, constructed 1911; house size is 4,575 sf, lot size is 2.5 acres; six bedrooms and 4.5 baths; sellers’ family ownership in property dates to Nov. 1975 BUYER: Speedwagon Partners, managed by Jason Brickman SELLER: Maria P. Shields PRICE/ADD: $550,000; 10 High St., Winchester MTG: $2,750,000 from Anna M. Gould NOTES: Land parcel; lot size is 20,625 sf; *mortgage also covers 8 High St., Winchester, a 12,000-sf land parcel acquired on April 25th, 2013, for $550,000 BUYER: Margaretta N. Egger SELLER: Donald MacDougall & Susan MacDougall PRICE/ADD: $2,000,000; 5 Beard Way, Wellesley MTG: $1,000,000 from First Republic Bank NOTES: Single-family Colonial, constructed 2004; house size is 6,725 sf, lot size is; six bedrooms, six baths and two half-baths; last sold for $2,825,000 in May 2006 BUYER: Patrick Buchanan and Tanya Buchanan SELLER: Mary Sullivan and Michael Sullivan PRICE/ADD: $1,842,000; 14 Rust Way, Cohasset MTG: $1,381,500 from First Republic Bank NOTES: Single-family, const. 1956: house size is 5,400 sf, lot size is 1.1 acres; four bedrooms and 4.5 baths; last sold for $1,870,000 in Dec. 2009 MTG: $1,430,000 from Winchester Savings Bank ADD: 24 Dunes Rd., Harwich BORROWER: Edwin Wallace and Lisa Wallace BUYER: Zhora Anabelle Desangles Gonzalez and Atle Skalleberg SELLER: 9 Columbus Square LLC, managed by David L. Goldman PRICE/ADD: $1,400,000; 9 Columbus Sq., U1, Boston MTG: $120,000 from USAlliance Federal Credit Union and $1,000,000 from Residential Mortgage Services NOTES: New unit in low-rise condominium; unit size is 1,950 sf; two bedrooms and two baths; Declaration of Homestead BUYER: Carolyn McKibbin and Glen Petraglia SELLER: David Spellman and Lizabeth Spellman PRICE/ADD: $1,305,525; 750 Chestnut St., Needham MTG: $979,100 from First Republic Bank NOTES: Single-family Cape, constructed 1981; house size is 2,425 sf, lot size is 3.3 acres; four bedrooms and 3.5 baths; Declaration of Homestead BUYER: Mariana Hartshorn SELLER: Ruth D. Lipman, f/k/a Ruth D. Warren and Jerome H. Warren

Jean Qi Qiu and Danlin Wu are the newest owners of a luxury condominium at 45 Province St., the highrise residential tower developed in Boston’s Downtown Crossing by the Abbey Group. Unit 1805 fetched $1,290,000, with financing of $1,016,000 provided by Wells Fargo Bank. The 1,300-sf unit has two bedrooms and two baths.

PRICE/ADD: $1,257,000; 72 Salisbury Rd., Brookline MTG: $875,000 from First Republic Bank NOTES: Single-family Colonial, constructed 1925; house size is 2,625 sf, lot size is 5.025 sf; four bedrooms and 3.5 baths; last sold for $443,800 in June 1995; Declaration of Homestead BUYER: Gregory Salvatore & Joanne Salvatore SELLER: Francois J. Rappard PRICE/ADD: $1,247,500; 10 Charlesgate East U-103, Boston MTG: $750,000 from Blue Hills Bank NOTES: Unit in mid-rise condominium; unit size is 1,850 sf; four bedrooms and 2.5 baths; unit last sold for $615,000 in Feb. 1999 MTG: $1,230,000 from First Republic Bank ADD: 5 Clay Pit Rd., Aquinnah BORROWER: Matthew Burlage and Miki Yoshino BUYER: Oded Kadosh and Ruvanne Kadosh SELLER: Susan L. Karlson PRICE/ADD: $1,175,000; 106 Addington Rd., U-2, Brookline MTG: $881,200 from Hudson City SB NOTES: Unit in low-rise condominium; unit size is 2,725 sf; four bedrooms and three baths; seller inherited unit in June 1982; Declaration of Homestead BUYER: Anastasios Skafidas and Sarah Skafidas SELLER: Kevin M. Bell and Teresa R. Bell PRICE/ADD: $1,100,000; 40 Presidential Dr., Southborough MTG: $880,000 from Mortgage Master NOTES: Single-family Colonial, constructed 1994: house size is 6,000 sf, lot size is 3.1 acres; five bedrooms and 4.5 baths; last sold for $910,000 in Aug. 2000; Declaration of Homestead

MTG: $1,100,000 from WCS Lending ADD: 10 Livingston Rd., Wellesley BORROWER: Cristina S. Heiden and William K. Heiden BUYER: Jennifer Bonniwell & Kent Bonniwell SELLER: Brian Broderick & Cathleen Broderick PRICE/ADD: $1,100,000; 108 Forest St., Wellesley MTG: $465,000 from Wellesley Bank NOTES: Single-family Colonial, constructed 1923, renovated 1999; house size is 4,025 sf, lot size is 15,925 sf; five bedrooms and 3.5 baths; last sold for $1,360,000 in Oct. 2006; Declaration of Homestead BUYER: Jennifer Gillooly and Robert Gillooly SELLER: Barbara Bulman and Kevin Bulman PRICE/ADD: $1,050,000; 18 Jarvis Ave., Hingham MTG: $840,000 from TD Bank NOTES: Single-family Colonial, constructed 1986; house size is 3,800 sf, lot size is 20,050 sf; four bedrooms and four baths; sellers acquired property for $100,000 in April 1986; Declaration of Homestead

APRIL 24TH BUYER: Diane Hirshberg and James Hirshberg SELLER: Delaporte Development Inc., managed by Gwen D. Simpkins PRICE/ADD: $2,845,000; 108 Nehoiden Rd., Newton MTG: $1,065,000 from Institution for Savings in Newburyport and Its Vicinity NOTES: Single-family, constructed 2013; house size is 5,400 sf, lot size is one acre; five bedrooms and six baths; property last sold for $1,610,000 in Oct. 2012; Declaration of Homestead continued on page 12


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May 3, 2013

Residential Deals MILLION DOLLAR MORTGAGES/SALES APRIL 22 - APRIL 26, 2013 continued from page 11 MTG: $2,730,000 from First Republic Bank ADD: 19 Old Neck Rd., Manchester-by-the-Sea BORROWER: Louisa D. Attenborough and Neale T. Attenborough MTG: $2,450,000 from BMO Harris Bank ADD: 73 Bridge St., Manchester-by-the-Sea BORROWER: Nicola Savignano and Whitney R. Savignano BUYER: Vartan Keshishian and Seda Ebrahimi-Keshishian SELLER: Susan Roosevelt Weld PRICE/ADD: $3,500,000; 28 Fayerweather St., Cambridge MTG: $2,000,000 from Cambridge SB NOTES: Single-family, constructed 1882; house size is 6,750 sf, lot size is 23,125 sf; eight bedrooms and 4.5 baths; last sold for $150,000 in Feb. 1976; Declaration of Homestead MTG: $1,727,000 from TD Bank ADD: 172 West Brookline St., Boston BORROWER: Melissa Burke and James Edward Phillips III

Emanuel Friedman has acquired Unit 506 at 1600 Beacon St., a high-rise condominium between Coolidge Corner and Washington Square in Brookline. The 1,100-sf, two bedroom unit was purchased from Kenwood Investment LLC, an entity managed by Gennady Korchmar and Boris Kutikov for $725,000 in May 2010.

MTG: $1,600,000 from Bank of Maine ADD: 60 Fair St., Nantucket BORROWER: Debra B. Treyz

APRIL 23RD

MTG: $1,319,000 from Morgan Stanley Private Bank ADD: 14 Hallet Ln. and 201 Main St., Chatham BORROWER: Elizabeth F. Sommer and Kenneth F. Sommer, trustees of Sommer Family TR

MTG: $3,000,000 from First Republic Bank ADD: 90 Sargent Rd., Brookline BORROWER: Jeffrey Leerink and Kristi Leerink

MTG: $1,338,000 from Mortgage Master ADD: 140 West Canton St., Boston BORROWER: William T. Curry Jr. and Rebecca Nordhaus

BUYER: Jeffrey Do and Alison Spillane SELLER: Donald Scott Batty Jr. and Jean Z. Batty PRICE/ADD: $1,225,000; 58 Bacon St., Winchester MTG: $450,000 from Bank of America NOTES: Single-family Colonial, constructed 1925; house size is 5,100 sf, lot size is 12,775 sf; seven bedrooms and four baths; Declaration of Homestead

BUYER: Rebecca Kotkin and Donald Steinberg SELLER: Thomas E. Peckham, trustee of 119 Warren Avenue Nominee TR PRICE/ADD: $2,422,500; 119 Warren Ave., Boston MTG: $1,938,000 from Citibank NOTES: Single-family brick Rowhouse; house size is 2,675 sf, lot size is 1,075 sf; four bedrooms and 3.5 baths; last sold for $1,650,000 in March 2010; Declaration of Homestead

BUYER: Edward Lee Perry & Slocumb Hollis Perry SELLER: Charles Henry, Snowden Henry, Sarah H. Lederman and Elizabeth F. Potter, trustees of the Allandale Road Nominee TR PRICE/ADD: $1,285,000; 200 Allandale Rd., U-214-A, Boston NOTES: Unit in low-rise Allandale Condominium; unit size is 7,175 sf; four bedrooms, three baths and three half-baths; sellers inherited unit in March 1997

MTG: $2,307,500 from Bank of America ADD: 98 Pembroke St., Boston BORROWER: Laurence Turka and Barbara Weber

MTG: $1,261,000 from Hancock Bank ADD: 69 Mattapoisett Neck Rd., Mattapoisett BORROWER: Dale Barnes and James Barnes

BUYER: Andrea L. Williams SELLER: Sylvia V. Davatz PRICE/ADD: $1,185,000; 176-178 Appleton St. Cambridge MTG: $1,000,000 from Elizabeth H. Williams NOTES: Two-family, constructed 1927; building size is 2,550 sf, lot size is 7,425 sf; last sold for $140,000 in Aug. 1982; Declaration of Homestead

BUYER: Alexandra Hovaguimian and Christopher Ketcham SELLER: Andrew P. Hartshorn and Mariana A. Hartshorn PRICE/ADD: $2,094,000; 32 Kennard Rd., Brookline NOTES: Single-family Colonial, constructed 1900; house size is 3,850 sf, lot size is 20,825 sf; five bedrooms and 3.5 baths; last sold for $1,760,000 in June 2009

MTG: $1,050,000 from Rockland Trust Co. ADD: 89 Plymouth Ave., Marshfield BORROWER: Jane Tomeo and Paul A. Tomeo

MTG: $1,087,500 from JP Morgan Chase Bank ADD: 195B Hummock Pond Rd., Nantucket BORROWER: Michael C. Krinsky

MTG: $1,460,000 from East Boston SB ADD: 9 Francis St., Brookline BORROWER: Chi-Chi Liao

MTG: $1,000,000 from First Republic Bank ADD: 75 Pinckney St., Boston BORROWER: Brigitte Moufflet and Gerard Moufflet MTG: $1,000,000 from Bank of America ADD: 139 Abbott Rd., Wellesley BORROWER: Elizabeth A. Gilbert-Bono, trustee of 139 Abbott Road Realty TR continued on page 13


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Residential Deals MILLION DOLLAR MORTGAGES/SALES APRIL 22 - APRIL 26, 2013 continued from page 12 MTG: $1,000,000 from Cambridge Trust Co. ADD: 330 Lowell Rd., Concord BORROWER: Lucille McBride and Robert McBride

APRIL 22ND BUYER: Ronald P. O’Hanley III SELLER: Diane Hirshberg and James Hirshberg PRICE/ADD: $4,150,000; 500 Commercial St., Units C1 and C2, Boston MTG: $2,000,000 from Sovereign Bank NOTES: Combined units in low-rise condominium; combined unit size is 3,450 sf; two bedrooms and three baths; units last sold for $3,600,000 in Jan. 2008 BUYER: Mark Walker, trustee 606 Watermark Realty TR SELLER: Thomas J. Niedermeyer Jr. PRICE/ADD: $3,000,000; 2400 Beacon St., UPH 606, Boston NOTES: Unit in mid-rise condominium; unit size is 3,075 sf; three bedrooms and 2.5 baths; unit last sold for $2,495,500 in March 2007 BUYER: John S. Pepper SELLER: Frank P. Panayotou, trustee of Yankee Clipper Realty TR PRICE/ADD: $2,445,000; 2 Avery St., U-20C, Boston MTG: $1,021,875 from Bank of America NOTES: Unit in high-rise condominium; unit size is 2,700 sf; three bedrooms and 3.5 baths BUYER: Lisa Josephson and Michael Josephson SELLER: Lavinia Chiotellis and Philip Chiotellis PRICE/ADD: $2,260,000; 2 Avery St., U-31D, Boston NOTES: Unit in high-rise condominium; unit size is 1,600 sf; two bedrooms and 2.5 baths; unit last sold for $1,785,000 in June 2003 BUYER: Alexander Meissner SELLER: Baker Pond LLC, managed by Duncan MacArthur PRICE/ADD: $2,050,000; 134 Larch Rd., Cambridge MTG: $1,198,000 from Bank of America NOTES: Single-family, constructed 1926; house size is 2,650 sf, lot size is 6,075 sf; four bedrooms and 4.5 baths; last sold for $850,000 in Oct. 2007; Declaration of Homestead BUYER: 70 Collins Road LLC, managed by Daniel McDonough, Gerard McDonough and John Topalis SELLER: William T. Peake, trustee of the Collins Road Nominee TR PRICE/ADD: $875,000; 70 Collins Rd., Newton MTG: $1,831, 250 from Rockland Federal Credit Union

The Cambridge home of former Massachusetts Governor William Weld has sold for $3,500,000 to Vartan Keshishian and Seda Ebrahimi-Keshishian, who financed the acquisition of 28 Fayerweather St. with a $2,000,000 mortgage from Cambridge Savings Bank. The 6,750-sf residence that was built in 1882 has 6,750 sf with eight bedrooms and 4.5 baths. Susan Roosevelt Weld is listed on the deed transfer for a property that last changed hands for $150,000 in Feb. 1976.

NOTES: Single-family Split-level, constructed 1953; house size is 2,825 sf, lot size is 15,050 sf; three bedrooms and three baths; seller acquired property for $50,000 in Aug. 1967 BUYER: David Glazer SELLER: James P. Carrigan and Ruth L. Kilduff PRICE/ADD: $1,500,000; 6 Washington St., Charlestown MTG: $1,000,000 from MSA Mortgage NOTES: Single-family brick Rowhouse, constructed 1870, renovated 1998; house size is 3,050 sf, lot size is 1,100 sf; four bedrooms, two baths and two half-baths; last sold for $530,000 in March 1995; Declaration of Homestead MTG: $1,500,000 from Enterprise Bank & Trust Co. ADD: 180 Ivy St., Brookline BORROWER: Diane Gordon and Lloyd Gordon BUYER: Louis D. Maiuri SELLER: Christine Paradis and Kenneth Paradis PRICE/ADD: $1,300,000; 38 Winding Oaks Way, Boxford MTG: $975,000 from Winchester Savings Bank NOTES: Single-family Colonial, constructed 2001; house size is 6,050 sf, lot size is six acres; four bedrooms and 4.5 baths; last sold for $1,455,000 in Nov. 2004; Declaration of Homestead

BUYER: Todd Basnight and Toinette S. Rivas SELLER: H. Roderick Nordell PRICE/ADD: $1,400,000; 25 Meadow Way, Cambridge MTG: $1,120,000 from First Republic Bank NOTES: Single-family Colonial, constructed 1926; house size is 3,175 sf, lot size is 8,075 sf; four bedrooms and 3.5 baths; seller acquired property in Nov. 1969 BUYER: Robert R. Mcanaw SELLER: Greg Schmergel and Joanna Schmergel PRICE/ADD: $1,310,000; 99 Paulson Rd., Newton MTG: $910,000 from Cambridge Mortgage Group NOTES: Single-family Colonial, constructed 1950; house size is 3,600 sf, lot size is 12,925 sf; five bedrooms and 2.5 baths; last sold for $687,150 in Oc. 1998; BUYER: Daniel J. Braz and Sara F. Braz SELLER: J. Derenzo & Associates LLC, managed by Jay Derenzo PRICE/ADD: $1,310,000; 223 Manning St., Needham MTG: $1,000,000 from Bank of America NOTES: Single-family Colonial, constructed 2012; house size is 4,500 sf, lot size is 10,300 sf; five bedrooms and 4.5 baths; property last sold for $469,000 in Oct. 2011 continued on page 14


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May 3, 2013

Residential Deals MILLION DOLLAR MORTGAGES/SALES APRIL 22 - APRIL 26, 2013 continued from page 13 BUYER: Stephen J. Baldini SELLER: Denee M. Hammonds, f/k/a Denee M. Hammonds-DiNardo, and James A. DiNardo PRICE/ADD: $1,170,000; 673 Belford St., Concord MTG: $600,000 from Wells Fargo Bank NOTES: Single-family Colonial, constructed 2006; house size is 3,575 sf, lot size is 21,775 sf; four bedrooms and 3.5 baths; last sold for $1,340,000 in March 2007; Declaration of Homestead BUYER: Emanuel Friedman, trustee of DEJ Realty TR SELLER: Kenwood Investment LLC, managed by Gennady Korchmar and Boris Kutikov PRICE/ADD: $1,150,000; 1600 Beacon St., U506, Brookline NOTES: Unit in high-rise condominium; unit size is 1,100 sf; two bedrooms and two baths; unit last sold for $725,000 in May 2010 BUYER: Bruce J. Walker and Frances M. Walker SELLER: Deborah P. Clark and Hilary P. Clark PRICE/ADD: $1,115,000; 201 Lexington Rd., Concord MTG: $836,250 from Mortgage Network NOTES: Single-family Antique, constructed 1868; building size is 4,250 sf, lot size is one acre; six bedrooms and 5.5 baths; sellers’ family ownership in property dates to Nov. 1968; Declaration of Homestead MTG: $1,085,000 from Boston Private Bank & Trust Co. ADD: 4 Battery Wharf, U-4508, Boston BORROWER: Rosalie Mucci

The Real Report continued from page 7

structure fallow. Cronin praises its stewards for quickly reacting in a manner that has not only landed Comcast, but enticed multiple other prospects vying for the remaining 48,000 sf that can be subdivided to increments of 20,000 sf. Cronin credits a rebounding economy for reviving the flex/industrial market wallowing for the better part of five years. Having once overseen leasing at the Shoe, a massive mixed-use complex in Beverly owned by former employer Cummings Properties, McSweeney offers a calm demeanor regarding the woes involving 9 Forbes Rd.’s former occupant. City North ultimately would have undertaken a

A $1,000,000 mortgage from Bank of America has enabled Daniel J. Braz and Sara F. Braz to buy 223 Manning St. in Needham, a new single-family Colonial purchased for $1,310,000 from J. Derenzo & Associates, an entity managed by Jay Derenzo. Set on a 10,300-acre parcel near Needham High School, 223 Manning St. has five bedrooms and 4.5 baths in its expansive 4,500-sf frame.

BUYER: Caroline Woodward SELLER: Eileen Brooks PRICE/ADD: $1,027,000; 189 Mildred Ln., Concord MTG: $822,000 from Wells Fargo Bank NOTES: Single-family Colonial, constructed 1995; house size is 3,050 sf, lot size is 1.7 acres; four

bedrooms and 3.5 baths; last sold for $922,000 in June 2002; Declaration of Homestead

series of capital improvements regardless of Azure’s situation, explains McSweeney. “It just accelerated our plans a little bit,” he says. “We just did things more quickly than we might have otherwise, and now that is paying off . . . We’re very happy with where things are right now.” Cronin says the quality of Comcast on the tenant roster should improve the asset’s image, and combines with the proven ownership and physical renovations to make the leasing pitch even more convincing. Comcast “is a nice win for the building, and we just want to have a few more like it and we will be all set,” says Cronin. Terms of the Comcast deal were not divulged beyond its length. The telecommunications giant is locating employees from an existing facility north

off Interstate 93 in Wilmington. Comcast will be moving into 9 Forbes Rd. over the summer. Architectural design for the renovations are being provided by Woburn-based WorldTech Engineering. One of its principals is Michael Pascavage, a registered architect and former colleague of McSweeney’s at n Cummings Properties.

MTG: $1,023,000 from Mortgage Master ADD: 8 Kirkland Cir., Wellesley BORROWER: Carrie Reepmeyer & William Reepmeyer

The Real Reporter VOLUME 5, NUMBER 9 © 2013 The Real Reporter, LLC. Ten Post Office Square, Boston MA 02109, 617-692-2997. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

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THE REAL REPORTER

May 3, 2013

15

NAI/Hunneman continued from page 1

of Brooks regarding a strategy to create the complete opposite of 16 Elizabeth Dr.’s delicate condition. Jacoby’s team collaborated with NAI/Hunneman’s Advisory Services Group on what the correct type of tenant—and lease agreement—would meet the goals of risk-averse investors willing to only consider cash-flowing, stable opportunities Scott S. Dragos when delving into fringe areas such as Interstate 495 North where vacancy rates still are hovering around 20 percent for most product types. “We were hired to get the highest price for our client, and to do Evan E. Gallagher that, we needed to sign a strong-credit tenant to a long-term lease to make it attractive for investors,” explains ASG team member Michael M. McCarthy, who oversaw the campaign that led to Teleflex commitStephen A. James ting for the lengthy duration. McCarthy was joined by ASG colleagues James Boudrot, Brendan Daly, Evan E. Gallagher, Stephen A. James and Jason N. Rexinis in identifying Teleflex as a viable canMitchell Levey didate and then undertaking the challenge of overcoming a trend towards migrating closer to urban centers and not farther away. Fortunately for Brooks Automation and the NAI/Hunneman Sean P. Ryan crew, Teleflex bought into the alternate argument of having a facility providing for long-range growth and not paying dramatically higher rates to be in such metropolitan hot spots as

16 Elizabeth Dr., Chelmsford MA

Cambridge or Boston’s Seaport District. McCarthy is among those who maintain the delta between pricing is ultimately going to help submarkets such as Interstate 495 North. The Route 3 corridor off which 16 Elizabeth Dr. is positioned at Exit 29 is considered another strength thanks to the widening of that roadway that extends up into southern New Hampshire. “The submarket is much busier today,” reports McCarthy, noting that for all its woes, the area surrounding Exit 29 is chock full of well-regarded companies from Airvana, Aspect and Brooks Automation itself to the likes of Harris, Hittite and Kronos. Jacoby praises the NAI/Hunneman leasing contingent for identifying and securing precisely the sort of firm the Capital Markets Group suggested, and for making sure clauses were not an impediment to investors, paying attention, for example, to limiting the tenant’s right to match other offers on the asset, a stipulation that has impacted other recent sales transactions in Greater Boston. A 10-year commitment was considered important to the effort as well. Brooks also played a role in making 16 Elizabeth Dr. appealing to Teleflex, explains McCarthy. “We had an excellent building to lease,” he says. “It was taken very good care of by its owner/user, and that made a big difference.” Brooks, which paid $27.0 million for three buildings around its headquarters in Jan. 2001 to

facilitate its own growth, had incorporated a prized clean room area into 16 Elizabeth Dr., and McCarthy says that was of particular interest to Teleflex. “They didn’t have to invest a lot of money on their own,” he relays of the new tenant. As for the sales process, Jacoby expresses optimism that the campaign will produce a result in a fairly quick resolution, offering a measure of counsel to other owners of excess property that a coordinated effort can increase the value in an expedited manner. NAI/Hunneman has been involved in the Brooks assignment for less than a year, and has not only secured the tenant, it is now hitting the sales block in time for the busy spring season. To Jacoby, the idea is not an isolated situation; in fact, his company has already reviewed other properties to see whether they might also benefit. “We have sifted through a lot, and I do think we are going to be doing more and more of this,” says Jacoby. “In my opinion, it can make things much better for an owner who has to deal with (excess) real estate.” Joining him in peddling 16 Elizabeth Dr. are Scott S. Dragos, Mitchell Levey and Sean P. Ryan. “It’s exciting to know we have created value for our tenant, and now it’s up to Doug and his team to take this on the final leg of its journey,” says McCarthy. “We look forward to seeing n this through to completion.”

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May 3, 2013

Massachusetts Corporations Organized April 22 - April 26, 2013 Corporation

Directors/Registered Agents

Address

Nature of Business

Beauport Hospitality LLC

James S. Davis and Paul R. Gauron, signatories

20 Guest St., 8th floor, Brighton MA 02135

Develop, operate and own function facilities, hotels and restaurants

Hamilton Lending Co.

Harold Brown

C/o the Hamilton Co. @ 39 Brighton Ave., Allston MA 02134

Acq., hold for invest., mng. & sell promissory notes, mortgages & other financial products

THR Brooklyn Ventures LLC

Mark Fuller, Rajan Hansji, Linda Kassor and Lorenz Reibling, managers

22 Batterymarch St., Boston MA 02109

Deal with potential real estate projects in Brooklyn, NY

Growth Homes South Main Street LLC

Frederic H. Margolis, manager

C/o Growth Cos. @ 1234 Boylston St., Chestnut Hill MA 02467

Invest in real property

Fallon Twenty Two LLC

Joseph F. Fallon and Myrna Putziger, managers

C/o the Fallon Co., 1 Marina Park Dr., Boston MA 02210

Dealing with interests in real estate

Credit Suisse Lending LLC

Douglas J. McDonald and Mark L. Washburn, managers

11 Madison Ave., 7th floor, NYC 10010

Mortgage lending

Network Drive Lot 10 Owner LLC

Peter C. Nordblom, president; Martha W. Rausch, signatory

C/o Nordblom Co. @ 71 Third Ave., Burlington MA 01803

Deal in real property

1285 Beacon Investors LLC

Eric D. Schlager and Robert A. Schlager, managers

C/o the Bulfinch Cos. @ 250 First Ave., Ste. 200, Needham MA 02494

Buy, mortgage, operate and sell real estate

NAI Legacy Place II LLC

Thaddeus Jankowski, Michael Kszystyniak, Lisa Martignetti, 846 University Ave., Norwood MA 02062 Shari Redstone and Sumner Redstone, signatories

Deal with certain real property at Elm Street and Route One in Dedham, MA

Chestnut Park Apartments LLC

E. Denis Walsh and Adam R. Hundley, signatories

Acquire, develop, finance, improve, lease, operate and sell real property

C/o Weld Management @ 112 Water St., Boston MA 02109

IGate Mortgage Services Inc.

Suresh Kumar Kunnumal, president; Karetha Dodd, secretary 6528 Kaiser Dr., Fremont CA 94555

Mortgage loan origination and servicing

CMC9 Owner LLC

Diego Rico, Kashif Z. Sheikh and Cindy Woon, signatories

Investment in real estate

Garnet Hill Wind Farm LLC

Michael Rucker and Eric Simons, managers

4845 Pearl East Cir., Ste. 200, Boulder CO 80301

Wind farm development and operation

Turningpoint Development LLC

Peter J. Hopley, manager

11 Carley Rd., Lexington MA 02421

Develop, lease and purchase real estate

190 Washington Street LLC

Amanollah Kohanloo and Kianoosh Yazdanseta, signatories

60 Kendrick St., Needham MA 02494

Real estate management

Appleby Court Partners LLC

Michael Healy, manager; Paul R. Tardif, authorized agent

72 Old Main St., South Yarmouth MA 02664

Dealing with interests in real estate

360 Mortgage Group LLC

Jonathan Greco and Andrew J. WeissMalik, managers

11305 Four Points Dr., Building 1, Ste. 200, Austin TX 78726

Mortgage lending

Seaverns Avenue Investment Trust LLC

Jonathan Leffell and Richard L. Tuck, managers; Richard J. Levin Esq., registered agent

Principal office c/o Rosemont Trust @ 68 Harvard St., Brookline MA; Richard J. Levin Esq. c/o Cumsky & Levin LLP @ 6 University Rd., Cambridge MA 02138

Deal with certain real property at 89 Green St., Jamaica Plain

Salem Turnpike LLC

Michael J. Merullo and Joseph M. Ricupero Jr., managers; Richard J. Levin Esq., registered agent

Principal office @ 222 Everett St., East Boston MA; Richard J. Levin Esq., Deal with certain real property at c/o Cumsky & Levin LLP @ 6 University Rd., Cambridge MA 02138 63 Salem Turnpike, Salem MA

Matrix X Management Co. LLC

Timothy A. Barrows, Joshua D. Hannah, Antonio Rodriguez, David R. Skok and Dana Stalder, managers

1000 Winter St., Ste. 4500, Waltham MA 02451

3300 PGA Blvd., Ste 820, Palm Beach Gardens FL 33410

Investments, including real property interests

16 Garden Road LLC

Andrew Prchlik and Gary L. Shechtman, managers

197 First Ave., Ste. 300, Needham MA 02494

Buy, hold, rent and sell real estate

Linsta LLC

Bruce N. Polishook, manager

121 Forest Ave., Newton MA 02465

Real estate development and investment

Princeton Services LLC

Andrew M. Chaban, pres. and sec.; Howard S. Reef, treas.

1115 Westford St., Lowell MA 01851

Deal in real property

Westgug LLC

Andrew M. Chaban, pres. and sec.; Howard S. Reef, treas.

1115 Westford St., Lowell MA 01851

Deal in real property

Shimha LLC

David Simha and Shimon Lefkowitz, managers; Crystal Bloom, resident agent

Principal office @ 328 Beach 9th St., Far Rockaway NY 11691; Crystal Bloom @ 1 Beacon St., Ste. 1320, Boston MA 02108

Invest in real estate, including elder housing and nursing homes

Elm St Investment Partners

Joseph Crugnale Jr. and Joseph Crugnale Sr., managers; Marco Sandonato, resident agent

Principal office @ 567 Concord Ave., Belmont MA; Marco Sandonato c/o Sandonato Law @ 101 Tremont St., Ste. 1015, Boston MA 02108

Hold real estate

The Plex Sports Park LLC

Donald Cameron, manager

22 Whippletree Ln., Amherst MA 01002

Indoor/outdoor sports facility

Taunton Mills LLC

Russell Barnaby, Barry Ganek and Robert Palmer, managers 1 River Rd., Carlisle MA 01741

Real estate development

Cedars Realty LLC

George T. Homsi and Tanios A. Homsi, managers

RE development, leasing, management & sales

GM Fine LLC

Robert Denisco, manager; John R. Keilty Esq., resident agent Principal office @ 7 Magnolia Dr., Lynnfield MA 01940; John R. Keilty Esq. Deal in real property @ 40 Lowell St., Peabody MA 01960

Rock Hill Farm LLC

Michael P. Koshivas Jr. and Peter M. Koshivas, managers

200 Norfolk St., Holliston MA 01746

Farming operations

RCG Holland Renewal LLC

Alex M. Steinbergh, manager; Thomas N. Margulis and Matthew Picarsic, signatories

C/o RCG LLC @ 17 Ivaloo St., Somerville MA 02143

Acquire, finance, improve, manage and sell real property

1864 Centre St., Ste. 4, West Roxbury MA 02132

Dynamic Real Estate Investments LLC

Anne Gross Shannon and John Scott Shannon, managers

18 Barrows St., Dedham MA 02026

Commercial and residential RE activities

Pompositticut Farm Inc.

Jacqueline Kane, president, treasurer and secretary

25 Lewis St., Hudson MA 01749

Agriculture & farming & dealing in real property

21 Warren Street LLC

Frank M. Capezzera, manager; Marc Truant, resident agent

Principal office @ 99 High St., 20th floor, Boston MA 02110; Marc Truant Deal in real property c/o Marc Truant and Associates Inc. @ 32 Warren St., Cambridge MA 02141

129 Newland Street LLC

Dustin J. Denunzio, manager; Thomas N. Margulis, signatory 305 Cambridge St., Ste. 3, Cambridge MA 02141

Acquire, develop, finance, improve, operate and sell real property

538 Pokross LLC

Roland R. Langevin Jr., manager

410 Grove St., Fall River MA 02720

Deal with real estate

Barrow Atlantic LLC

Brian Wilson, manager; Peter J. Caruso II, resident agent

7 Olde Village Dr., U-1503, Salem MA 01970

Develop and manage real estate

Phoenix Properties LLC

Edward E. Trunfio, manager

2 Canton St., Ste. 110, Stoughton MA 02072

Real estate

433 GW LLC

Carol A. Dunphy, manager

54 Pleasant St., Hingham MA 02043

Buy, hold, own and sell real property

continued on page 17


THE REAL REPORTER

May 3, 2013

17

Massachusetts Corporations Organized April 22 - April 26, 2013 Corporation

Directors/Registered Agents

Address

Nature of Business

SKC Holdings LLC

Chandramohan Abinandan, manager

18 Kestrel Ln., Westford MA 01886

Deal with real estate

Stone Holdings LLC

Joan Martin Roth and Jonathan R. Roth, managers

297 Boston Post Rd., Wayland MA 01778

Real estate investments, including commercial real estate and multifamily properties

21 Crooked Lane LLC

Catherine E. Conte, mgr.; Kevin F. Dale Esq., resident agent

Principal office @ 21 Crooked Ln., Nantucket MA 02554; Kevin F. Dale Esq. @ 2 Whaler's Ln., Nantucket MA 02554

Deal with certain real property at 21 Crooked Ln., Nantucket

Grouts Corner Realty LLC

Tammy J. Berard and Edmond C. Tolzdorf Jr., managers

9 Gunn St., Erving MA 01344

Buy, lease and sell real estate

86 Corbett Street LLC

Donald A. Goyette, manager; Jessica L. French, signatory; Charles F. Ahern III, resident agent

Principal office @ 63 Treble Cove Rd., Billerica MA; Charles F. Ahern III c/o Corwin & Corwin @ 1 Washington Mall, Boston MA 02108

Buy, hold, lease and sell real estate

Lanark Management LLC

William P. Douglas, manager

63 Carisbrooke Rd., Wellesley MA 02481

Invest in and manage real estate

DDN Properties LLC

Dalia Dinno, manager; Russell N. Stein Esq., resident agent

Principal office @ 50 Autumn Rd., Weston MA ; Russel N. Stein Esq. c/o Ruberto, Israel & Weiner PC @ 255 State St., 7th floor, Boston MA

Hold, lease and operate real property

Prime Engineering Inc.

Kumar Buvanendaran, president, treasurer and secretary

300 Red Brook Blvd., Ste. 410, Owings Mills MD 21117

Civil and structural engineering services

Merrimack 116 LLC

Alan Kaplan and Timothy Kelleher, managers

116 Merrimack St., Lowell MA 01852

Invest in and manage income-producing RE

Deer Common II LLC

Mark P. McSharry and Terrence C. Tedeschi, managers

7 Leah Dr., Rockland MA 02370

Buy, develop, finance, lease, manage and sell real property

House Tech Real Estate Inc.

Lee Leslie, president, treasurer and secretary

1075 Main Ave., Ste. 227, Durango CO 81301

Real estate broker

152 Orange Street LLC

Scott A. Kanter, signatory

1215 Chestnut St., Newton MA 02464

Deal in real property

Sterling Park Braintree LLC

Christina J. Chadzynski and Pawel Z. Chadzynski, signatories; 61 Parkhurst St., Dunstable MA 01827 Richard L. Wise, signatory

Operate and purchase real estate

Gleason Road LLC

William Eycleshymer, manager

442 Fitchburg Tpk., PO Box 615, Concord MA 01742

Real estate development, management, purchase and sale of real estate

Pere's Knights of Columbus Building Corporation

Ken Bruneau, president; Brendan Price, treasurer; Dan McLaughlin, clerk

Principal office @ 10 Beckler Ave., South Boston MA 02127; Kevin P. Kerr Esq. @ 587 East Broadway, #1, South Boston 02127

Non-profit engaged in the leasing, mortgaging, purchasing and sale of real estate

SAG Property Management LLC

Bernadette Feeney, manager; Mark B. Elefante, resident agent Principal office @ 616 Lowell Rd., Concord MA 01742; Mark B. Elefante Investments, including real property interests c/o Hemenway & Barnes LLP @ 60 State St., Boston MA 02109

36 West LLC

Donna E. Kublin and Stanley B. Kublin, managers; Arthur McCabe, resident agent

Principal office @ 42324 N. Stonemark Dr., Anthem AZ 85086; Arthur McCabe @ 8 Heather Dr., Andover MA 01810

Lease and own real estate

130 Commonwealth Avenue LLC

E-Yan Betty Lau, manager

100 Beacon St., #2B, Boston MA 02116

Buy, develop, lease, mortgage & sell real property

Carey Realty Group Inc.

Robert P. Carey, president, treasurer and secretary

2 Curtis Ln., Franklin MA 02038

Buy and sell real estate

Boston Realtyweb Inc.

Joseph H. Wolvek, president, treasurer and secretary

700 Harrison Ave., #315, Boston MA 02118

Maple Leaf Ventures LLC

Lara Rosenburgh, manager; Bruce Miller Esq., resident agent Principal office @ 132 Myrtle St., #5, Boston MA 02114; Bruce Mill Esq. @ 100 Summer St., Ste. 2250, Boston MA 02110

Real estate and interests therein Deal in real property

C/o Advantage Real Estate @ 1066 Commonwealth Ave., Boston MA

Real estate

Highgate Street LLC

Dennis B. Clair and Terence P. Clair, managers

Twentyhicks LLC

Stephen Opremcak, Katherine Short & Phoebe Short, mgrs.; 20 Hicks Ave., U-3, Medford MA 02155 Marc E. Canner Esq., resident agent

Real estate and interests therein

Cranberry Hospitality LLC

Richard L. Lafrance, manager; Johnna F. Tierney, signatory

Real estate, including hotels

66 State Rd., Westport MA 02790

119 Merriam Realty LLC

Robert A. Antonioni, manager

119 Merriam Ave., Leominster MA 01453

Buy, develop, lease, mortgage and sell RE

Hawthorne Street Investment LLC

Rick Costa, manager

C/o New Boston Management @ 111 Everett Ave., 2nd floor, Chelsea MA

Acquire, develop, hold and operate real property

Venture Real Estate Solutions LLC

Annette Jerome, manager

6 Evergreen Way, U-6, Peabody MA 01960

Real estate

Lawrenceville LLC

Mark R. Stebbins and Leo Xarras, managers

1359 Hooksett Rd., Hooksett NH 03106

Real estate development

Albeca LLC

Francis P. Tomaiolo and Matthew F. Tomaiolo, managers

17 Rice St., Shrewsbury MA 01545

Real estate development

Treadstone Properties LLC

Kevin McDonough and Lisa McDonough, managers

733 Plain St., Marshfield MA 02050

Real estate

Starboard Place LLC

John E. Kavanagh, signatory

100 Conifer Hill Dr., Danvers MA 01923

Real estate development

Intergroup Realty Corp.

Manoel Neto, president, treasurer and secretary

18 Pleasant View Ave., Braintree MA 02184

Full-service real estate brokerage company

77A Commercial Street LLC

Maria Cirino and Lyn Plummer, managers

128 Hardy Pond Rd., Waltham MA 02451

Dealing with interests in real estate

Intuitive Real Estate Solutions LLC

Ellen Martin, manager

5711 W. Slauson Ave., Ste. 170, Culver City CA 90230

Real estate appraisal company

Boston Condo LLC

Jenish Patel, manager

Principal office @ 3274 Rosecrans St., San Diego CA 92110; MA office @ 26 Bew Derby St., U-406, Salem MA 01970

Real estate investments

Devine Property Group LLC

Joseph F. Devine, manager

256 Cairn Ridge Rd., East Falmouth MA 02536

Real estate

15-17 A Street LLC

Richard B. Goldberg, Robert L. Goldberg, Steven J. Goldberg 7 Rantoul St., Ste. 100B, Beverly MA 01915 and William H. Goldberg, managers

Real estate and interests therein

Habitat Investments LLC

Carlos Trujillo, manager

83 Algonquin Rd., Chestnut Hill MA 02467

Hold real estate

Dkerio Realty LLC

Dani S. Kerio, manager

928 Grafton St., Worcester MA 01604

Buy, lease and sell real estate

Old Red Farm Inn LLC

Virginia P. Sherman, manager

20 Stockton Shortcut, Wareham MA 02571

Function facility and inn

continued on page 18


THE REAL REPORTER

18

May 3, 2013

Massachusetts Corporations Organized April 22 - April 26, 2013 Corporation

Directors/Registered Agents

Address

Nature of Business

19 Broadway LLC

Brian O'Hearn and Jeanne O'Hearn, managers

19 Broadway, Beverly MA 01915

Real estate

Damnek LLC

Norman E. Kenney Jr., manager

49 Cedar St., Waltham MA 02154

Operate and own real estate

Ashuelot Park LLC

Peter R. Kirchner, manager

401 South St., Dalton MA 01226

Real estate

One Stone Partners LLC

Vadim Gluzman, Edmund Hajim and Robert Israel, managers Principal office @ 720 Fifth Ave., 10th floor, NYC 10019; MA office @ 3 Doeskin Pl., Framingham MA 01701

Emerald Green Developments LLC

Marina Hauser, president and secretary; Aaron Breen, treasurer C/o Beantown Property Group @ 383 Dorchester Ave., Ste. 110, Boston MA Real estate development

84-100 Peterborough LLC

Monty Gold, manager

302 Shawmut Ave., Boston MA 02118

Develop, finance, lease, manage, market and sell real estate

Investments, including real property interests

44 East Street LLC

Patrick J. Weidman, manager

79 Grove St., Franklin MA 02038

Develop, lease, purchase and sell real estate

Fuller Building LLC

Michael C. Duaresq and Anthony O. Finocchiaro, managers; Paul J. Gagliardi, resident agent

Principal office @ 45 Main St., Amesbury MA 01913; Paul J. Gagliardi @ 2 Atlantic View, Amesbury MA 01913

Real estate and interests therein

Shoney LLC

Sarah H. Welcome, manager; Thomas J. Filipek, signatory

116 Randall St., North Easton MA 02356

Acquire, develop, lease, manage and sell RE

Aghia Marina Realty LLC

Eirini Beikoussi, manager

380 Merrimack St., Methuen MA 01844

Deal in real property

Stewardship Property LLC

Brian K. Cheng and Judy T. Cheng, managers

340 East Main St., Milford MA 01757

Buy, develop, lease, own and sell real estate

Kittredge LLC

Matthew J. Kiefer, president

C/o Historic Boston Inc. @ 20 Eustis St., Roxbury MA 02118

Deal with real estate

DDG Winthrop LLC

Panos Demeter and Sheldon M. Drucker, signatories

163 Newbury St., Boston MA 02116

Interests in real estate

Page Road Development LLC

John B. Cortizas and Kurt D. Miller, managers

4 Norfolk Rd. Winchester MA 01890

Acquire, develop, lease, own and sell RE

Doirardi LLC

Stephen Lombardi, manager

136 Mill St., Hopedale MA 01747

Make investments in real property

Wesquo Capital Partners LLC

Steven D. Hollister, manager

37 Old South Rd., #6, Nantucket MA 02554

Deal in real property

The Youngman Companies LLC

Andrew Scott Youngman, manager

1075 Main St., 4th floor, Waltham MA 02451

Investments, including real property interests

GCP Andover LLC

Jeff Clary and Ted Norberg, managers

C/o Grander Capital Partners @ 800 Boylston St., 16th floor, Boston MA 02199

Commercial real estate

Hamilton Lender students at which are a major source of renters in the building, says Valeri. Others include young professionals working in downtown Boston or the nearby Longwood Medical Area. Acquired through the CBRE/New England multifamily sales team of Simon Butler and Biria St. John, the units Hamilton purchased have remained as apartments even though they were constructed with high-end finishes in anticipation of being converted. Many of the units are larger than normal, including several that are three bedroom configurations. That has helped make them a popular item for renters who rarely see such size in thickly settled Boston. Given its belief in the developer and the relatively new construction that only dates back 20 years, Hamilton was willing to limit its due diligence length to 10 days, but the closing dragged out several months due to the complex nature of the project that required city approval of the buyer and issues to deal with on the condominium structure. Fortunately for

Photo: Derek Szabo

continued from page 4

Hamilton, the firm’s legal needs were provided by longtime company attorney Sally E. Michael of Saul Ewing, who has assisted the firm on nine other acquisitions in recent years, including other large ones such as the $129 million purchase of 400plus apartments in Brookline in 2010. Hamilton employed a credit facility with KeyBank to finance 650 Columbus Ave. Matt Purtell of KeyBank handled that

process in purchasing the units from Kargman’s Boston Land Development under the entity Hamilton Northeast LLC. At the request of the condominium board at 650 Columbus Ave., Hamilton Co. will provide management services and also enable the board to take advantage of a discount buying program for products and supplies that Hamilton already has in n place.

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THE REAL REPORTER

May 3, 2013

Seaport Portfolio continued from page 1

Francisco is teaming with prolific Bostonbased Synergy Investments to acquire what is being coined as the Seaport Wharf Portfolio. The package includes 150,000 sf in David Greaney three office buildings and a 585-vehicle garage. “It’s a huge deal,� says one investment sales professional tracking the negotiations that Cushman & Wakefield is rumored to be handling on behalf of Archon Acquisitions LLC. That source insists a purchase-and-sale agreement has been tendered, with a closing anticipated over the near term. Calls to C&W President of New England Robert E. Robert E. Griffin Jr. Griffin Jr. were not returned by press deadline, and other parties involved were also not immediately available. The Capital Markets Group at C&W is led by Griffin along with ViceChair Edward C. Maher Edward C. Maher Jr. Jr. and Executive

Director Matthew E. Pullen. Despite the absence of any formal acknowledgement, the partnership has a “99 percent� likelihood of buying the buildings at 319 A St., 327 and 337 Summer St. and the Necco Street garage, according to one market watcher who characterizes the opportunity as a mix of cash-flowing product such as the garage to assets in the Fort Seaport District, Boston MA Point Channel neighborhood that will likely require upgrades to compete in the hot Seaport arena. They could be retrofitted for office users but also are poised to take advantage of the surging demand for residential units to fulfill the Seaport’s vision as a sustainable Live/Work/Play enclave that is all the rage in planning circles these days. C&W makes that point in marketing materials provided to the Real Reporter that also cites the solid cash flow from the parking garage as another plus. DivcoWest and Synergy are already

RePrints

19

quite familiar with the Seaport. Founded in 2003 by David Greaney, Synergy has multiple holdings there already from 250 and 253 Summer St. to 51 Melcher St., the latter a former Archon asset that has been revitalized in recent months by an aggressive lease-up campaign that quickly filled more than 55,000 sf. DivcoWest, meanwhile, made a big splash in the Seaport last year upon paying $107 million to land a fourbuilding, 375,000-sf portfolio, many of the assets similar to the ones now seemingly in n the group’s crosshairs.

 

     

 

    

Market | Inform | Support Your Clients Considered one of the most respected independent journals in CRE News, a reprinted article brandishes your corporation and clients with quality and credibility. With Reprints from The Real Reporter, you showcase your company, your clients, your deals, or the executive on your team. We reformat the page and deliver the high- resolution document, then grant permission for unlimited use. To have an article reprinted contact: reprints@therealreporter.com

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617.692.2997 | therealreporter.com


20

THE REAL REPORTER

May 3, 2013

NAIOP 2013 Bus Tour continued from page 2

park, and along with the other owners make this a world-class location,” Krebs said. Normandy’s project and others along this year’s bus route appear to be following the new urban mixed-use development model, which includes greater height and density (Center 128 will feature a building 300 feet long and 84 feet high before signage), more efficient use of space, and a near-mandated base level retail. A second Normandy project, Riverside Station, is just one exit up in Newton. The project was also highlighted at the breakfast and is a transit-oriented, mixed use development with a 10-story, 225,000-sf office tower, 295 apartments and 20,000 sf of retail. Another story line of the day (and the year) seems to be the growing importance of retail being incorporated into new development, and Jeremy Grossman, principal CBRE/Grossman Retail Advisors made that point crystal clear. “Retailers are expandJeremy Grossman ing again, and restaurants led the charge coming out of the recession, and they’re continuing to lead the charge going forward,” said Grossman. “Food is quickly becoming the new and preferred Justin Krebs anchor of retail shopping environments.” That point was evident at the tour’s first major drive-by, the Chestnut Hill/Route 9 corridor. It is home to three developments within a mile of each other, including WS Development’s “The Street,” which in addition to adding a new Super Lux Showcase Cinema and the Sports Club/LA, recently signed Del Frisco’s and a Shake Shack, the 160,000-sf New England Development project anchored by Wegman’s, includes a Capital Grille, and the former Atrium Mall being repositioned as medical office space is geared to benefit from the nearby food and entertainment amenities. The six-bus caravan then cruised through Waltham, where more projects

under construction were spotlighted, including 1265 Main St., the former Polaroid site being redeveloped by Sam Park & Co. into a 280,000-sf mixed use development anchored by Marshalls and a Market Basket. Among the highlights was a visit to Bay Colony Corporate Center, which underwent a costly redevelopment and repositioning by Boston Properties to upgrade the asset—at one time considered the jewel of the suburban campuses and a project has made great strides in restoring its former luster through the REIT’s upgrades. The trip then continued through developments in Lexington, Bedford and Burlington (including Northwest Park where Nordblom is developing 4.6 million featuring Wegman’s), then to Woburn, Wilmington, Wakefield and North Reading before pulling into the immense construction site by late summer will be MarketStreet Lynnfield, the joint venture between National Development and WS Development. The project will have 395,000 sf of retail and restaurants (including a number of Legacy Place tenants like King’s Bowling and Whole Foods), 80,000-sf of office space, 180 residential apartments, and the King Rail Reserve 9-hole golf course. NAIOP of Massachusetts President Thomas DeSimone (also VP of Development at WS Development) and Theodore Tye of National Development gave an update on the project, which is already a success before a store has even

opened. DeSimone announced is already 99 percent leased. “We have never been able to open a center as occupied as we will open with MarketStreet Lynnfield,” he said. There are 15 buildings under construction, and Tye reports 10,000 sf of office space will also be ready by September. At the end of the day, many tour attendees, including those in the CRE and construction business, said they were amazed by the amount of construction in the Route 128 corridor. “I was blown away by the degree of the recovery,” said 20-year construction veteran Trina Jerich, a senior project manger for Timberline Construction and a new NAIOP member. “We’re feeling the recovery (in our business), but I had no idea it was this deep. I also was impressed with the breadth of knowledge of the brokers (who served as tour guides on the buses).” David Begelfer, NAIOP of Massachusetts president and CEO agrees. “There is an awful lot of development activity going on out there that I think would be a surprise to a lot of people,” said Begelfer. One other aspect of the day that stood out was the shift in demographics that saw a much higher representation of women at the event. Begelfer said it was no accident. “Historically, (commercial real estate) has been male oriented, and we have put a lot of time and effort into increasing the membership of both women and young, developing leaders under 35 to make sure that the people who are in the business are well repren sented,” he explains.


THE REAL REPORTER

May 3, 2013

21

CBRE/NE Multifamily continued from page 1

Partners from the New Boston Fund for $12.1 million in cash and debt to the $52 million exchange of 134 apartments in Boston’s South End secured by the Hamilton Co. (see story, page five). In Rhode Island, CBRE/NE’s multifamily contingent led by Simon J. Butler and Biria St. John orchestrated the $56.1 million swap of 478 units in East Providence to Gaia Real Estate, a New Yorkbased entity that beat out a bevy of suitors, a robust response that Butler says is refreshing to see following the Winchester Park Apartments, Providence RI Ocean State’s harsh ment Friday confirming the agreement Lower Mills Village, the property incorpodownfall in the 2008 harvesting the 54,000-sf apartment com- rates condominium-quality finishes and Biria St. John recession that even crip- plex that combines an 1850’s wooden fixtures such as granite countertops, hardpled many multifamily schoolhouse featuring eight apartments wood floors, Kohler plumbing and in-unit ventures. “This to me is with a new four-story structure where the washer/dryers. Amenities include undera signal that there is real remaining units are situated, 40 of which ground parking, fitness center and clubinterest in Rhode Island are one-bedroom, one-bath layouts. Eight room plus storage areas. Butler declined to discuss specifics of again,” observes Butler. are similar to that with a den and 14 are “It shows people feel the two-bedroom, one-bath units. Six of the each deal, but does acknowledge it has economy there is finally units are affordable at Schoolhouse, which been another busy start for the CBRE/NE was 97 percent occupied at the time of its group, a machine that provides a full range on the upswing.” Simon J Butler The deal that sale and has performed admirably through of debt and equity options in the multifamthe downturn, accord- ily sphere. In the Rhode Island transaction, amounts to $115,000 per unit and is the ing to Hofstetter. CBRE/NE’s lending platform stepped in to largest of its sort in Rhode Island since “With consistently assist the buyer on financing the develop2005 could pay off for the new ownership high occupancy rates, ment that consists of 80 buildings, primarishould the rental market respond to Schoolhouse has been a ly two- and three-story garden style and increased employment, Butler notes, very successful and sta- townhouse apartment buildings. while Gaia is also undertaking a value-add ble asset in our Winchester Park was originally built in the improvement campaign to further boost Northeast portfolio,” early 1970s and extensively renovated in chances to increase occupancy. Hofstetter conveys, 2000, whereas Winchester Wood was develIn a press release, Gaia managing part- Gary Hofstetter ners Danny Fishman and Amir Yerushalmi adding that, “Multifamily is extremely hot oped in 1985 and has 62 of the units. The concur with Butler that their pursuit of in the market right now, so we decided to properties include a renovated clubhouse Winchester Park and Winchester Wood leverage the existing conditions and capi- with lobby and lounge areas, fireplace and was indeed inspired by Providence’s stabi- talize on this well-performing property.” fitness center. Outdoor recreational attraclizing environment. Gaia Property NBF’s involvement included construction tions include tennis courts, a private landManagement will oversee the complex as of the new portion and completion of the scaped courtyard and a swimming pool part of a 13,000-unit portfolio extending schoolhouse upgrade in partnership with with sun deck. There is also ample parking Schoolhouse Ventures LLC. Situated in for upwards of 700 vehicles. n across the United States. The Urban Capital Partners group has taken on NBF’s Schoolhouse at Lower Follow The Real Reporter On line at: Mills apartments that the seller had held since paying $2.5 million in Oct. 2006. The $12.1 million includes assumption of an $8.48 million loan held by US Bank on the For Back Issues, RePrints, or Advertising Rates, call: complex. In response to inquiries from the Real Reporter, NBF Northeast Regional 617-692-2997 Director Gary Hofstetter issued a state-

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The Real Reporter - May 3, 2013  

Weekly Edition of Greater Boston's Commercial Real Estate Investment review.

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