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The Real Reporter a COMPENDIUM of COMMERCIAL PROPERTY & CAPITAL NEWS FEBRUARY 2, 2018 THIS WEEK’S ISSUE Housing Authorities

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The Real Reporter a COMPENDIUM of COMMERCIAL PROPERTY & CAPITAL NEWS FEBRUARY 2, 2018 THIS WEEK’S ISSUE Housing Authorities The Real Reporter A COMPENDIUM OF COMMERCIAL PROPERTY & CAPITAL NEWS FEBRUARY 2, 2018 THIS WEEK’S ISSUE Housing Authorities . 2 Scituate Situation . 4 Developer John Rosenthal Wins Marathon, Alternative Energy . 10 Facilitating Change . 11 Breaks Ground on $240M Gerding Edlen JV Going for The Downs . 12 BY JOE CLEMENTS addiction, a casualty count for which he OSTON — For many of his hearfelt keeps a tally—“over 100,000 people dead pursuits, John Rosenthal has been res- in two years”— and a list tragically includ- Bolutely on the side of stopping things, ing the Newton native’s beloved nephew. whether it be nuclear plants along the San But as was evident Tuesday over- Andreas fault, looking the chronic home- Massachusetts lessness, gun vi- Turnpike and olence and now David Ortiz his frantic and Way, the lead- THE REAL REPORT painfully per- er of Meredith sonal crusade Management is to end the car- also capable of Curley Coup nage of opiod John Rosenthal Kelly Saito Frank F. Petz see page 74 BOSTON — Somehow this month, vet- eran real estate broker Christopher Curley took a step back in time and Newmark Lists Crown Jewels for Grander into the future simultaneously upon BY JOE CLEMENTS returning to NAI/ UINCY — Having last Hunneman after year bought two first- a hiatus of nearly Qclass office towers in 15 years. The firm’s North Quincy, Grander one-time Rookie of Capital Partners is hard- the Year explains ly abandoning the City of to Real Report his Presidents, but the home- grown opportunity fund Christopher Curley decision to accept a principal role is has elected to harvest two partly homage to other Class A buildings the privately held 300 Crown Colony Dr., Quincy MA continued page 78 company’s enduring legacy that will fete 90 years in busi- US2 $1B Somerville Plan on Fast Track ness next season, BY JOE CLEMENTS ratory and office space saw green lights but more so, Cur- OMERVILLE — The logo for devel- across the board in late 2017 when city Steve Prozinski ley stresses he was oper Union Square Station Associates planners backed its “Coordinated Devel- attracted by the steps leaders COO (US2) is colored orange, but the Mid- opment Plan” and the Board of Alderman Steven Prozinski and Peter Evans S western firm’s awarded $63 are taking to prepare the operation for ambitious $1 million of Dis- new millennium challenges—and op- billion plan to trict Improve- portunities. transform a ment Financing “There is a much different vision swath of grit- infrastructure of the company than there was in the ty real estate funding includ- past,” observes Curley, praising the here into “an ing $5.5 million firm’s “solid core of veterans supported economic en- to support the continued on page 76 gine” of labo- Greg Karczewski Peter Bekarian Molly Heath see page 77 2 THE REAL REPORTER February 2, 2018 Horvath & Tremblay Apartment Crew Rolls On BY JOE CLEMENTS eclipsing $55 million (see story, page 7). deals, selling one and buying another, but ALDEN — A late 2017 surge that car- Many of the winning bidders involved Kelleher says the pool has widened to in- ried into the New Year has enabled in the five completed apartment deals are clude capital from other parts of the US Mthe multifamily group at Horvath & private groups established in metropol- and even abroad. “You see a more sophisti- Tremblay to process nearly $25 million itan Boston, including veteran Andreas cated buyer in the market today,” he says, in five transactions in- A. Tsitos, who played a role in two of the continued on page 79 volving 141 apartments located throughout eastern Massachusetts Move onward and upward — and Senior VP Den- nis Kelleher tells Real with someone who thinks forward. Reporter the momen- tum is poised to contin- Our Commercial Real Estate team is all about you. We’re flexible, creative, Dennis Kelleher ue well into the opening and empowered to make quick decisions. Plus, we’re committed to making quarter with 20 deals you feel like our only customer. ranging from $1 million to $12 million moving towards conclusions while other listings are being pursued to keep the pipeline stocked. “We are fortunate to John Pentore be incredibly busy right now . and there are no signs it is going to slow down,” Kelleher says of a practice group he leads with Vice President John Pentore operating under the Lynnfield company that also specializes in net-leased property sales, that division enjoying its own prolific stream of closings, trades Seyon Group Wilmington Asset Getting ‘Big’ Tenant Response BY JOE CLEMENTS ILMINGTON— The Seyon Group Wmade a big play — literally — here in the Interstate 93 North industrial market with Let’s get you started. its $24.9 million pur- Bryan Blake Call Michael Lindgren: 617.441.4122 chase of 613 Main St., a 430,450-sf behemoth Visit cambridgesavings.com/CRE secured via a Q4 deal Always you. negotiated by CBRE/ NE. The boutique real estate investment firm paid all cash for the The substantial heft of 613 Main St. is Borden and Client Services Coordinator 35-year-old building in a having a positive impact trying to fill the Matt Furey as exclusive leasing agents. Mark Reardon venture with Wheelock facility, according to CBRE/NE principal What Reardon has to report is encourag- Street Capital targeting industrial prod- Mark Reardon, part of the sales team and ing for the ownership. uct. now working with Vice President Jake continued on page 47 February 2, 2018 THE REAL REPORTER 3 Hospital Site Brings Healthy $15.7M as Davis Cos. Wins Colliers Listing RIGHTON — A multi- family redevelopment is Bthe anticipated strategy for Davis Cos. in its $15.7 mil- lion purchase to begin 2018 of 1515 Commonwealth Ave., the 58,000-sf building on 2.1 acres traditionally serving as Christopher Sower Scott Dragos a hospital, with medical pro- vider Curahealth the seller of the four-story property through an exclusive listing of Colliers International. The timing appeared right for a disposition, as evi- denced in the rapid escalation of value fpr a building outdat- Douglas Jacoby Jennifer Price ed for its traditional purposes that still more than doubled in value since its October 2016 purchase for $7.4 million. Colliers Senior VP Christopher Sower, who oversees the multifamily practice group, reports a crush of activity once 1515 Commonwealth Ave. hit the Call Jay Dacey for your next construction project at (781) 727-0512 block in early autumn via a team that included members of the Cap- ital Markets team led by principals Scott Dragos and Doug Jacoby www.integratedbuilders.comTOGETHER |302 Weymouth Street, Suite 203 Rockland, MA 02370 | (781) 421-2003 and featuring Assistant VPs Anthony Hayes and Timothy Mulhall plus Associate Daniel Hines. Also on the listing were Jennifer Price, WE SEE CLEARLY. now at Trammell Crow Residential, and Associate Jonathan Bryant. The property’s hilltop location had as much to do with the building’s popularity as anything, Sower observes. “Views of the city are fantastic,” he relays, and the property fronts an MBTA trol- ‘From a Client’s Point of View’ continued on page 80 Quincy Apartments Sell for $5.3M Via Marcus & Millichap Exclusive UINCY — A well-main- tained apartment build- Qing here south of Boston has changed hands for $5.37 million—over $223,000 per key—the 24-unit asset at 81 Pond St. among several substanial 2017 multifamily Evan Griffith Tony Pepdjonovic exchanges processed by the Call Jay Dacey for your regional office of Marcus & Millichap which is based in Boston. Marcus & Millichap First VP for Investments Evan Griffith and next construction project at Senior Associate Tony Pepdjonovic handled the exclusive assign- (781) 727-0512 ment to market 81 Pond St. on behalf of the seller, Terry & Curran LLC, and the duo also procured its buyer, S&N Pond Street LLC. 1302 Weymouth Street, Suite 203 Rockland, MA 02370 The buying entity led by Nunzio Marinilli and Sheree Marinilli bor- (781) 421-2003 | www.integratedbuilders.com continued on page 80 4 THE REAL REPORTER February 2, 2018 Fulcrum Reels in 24,000-SF MOB Asset CITUATE — In 2017, Fulcrum Real SEstate Partners once again exceeded its minimum annual goal of making zero commercial real estate investments, wrapping up the season Robert Kirschner buying 56 New Drift- way here on the South Shore in a $3.82 million deal brokered by Con- rad Group and financed with $2.67 million from Country Bank for Sav- ings. The seller is Atlan- tic Management Corp., Richard E. Putprush separately a joint ven- ture partner with Ful- 56 New Driftway, Scituate MA crum on a pair of Marl- borough flex buildings Richard E. Putprush, also owns an industri- formed this decade to take advantage of acquired in summer al building in Dedham and flex/office prod- the transformational market, but Fulcrum’s 2016 for $11.5 million. uct in Coventry, RI, assets bought within a principals explain that is the way it was Fulcrum, founded in month of each other during the firm’s inau- structured, to pursue quality versus quan- 2014 by CRE veterans gural campaign. Their acquisition approach tity as a way to protect investor capital. James H. McEvoy Robert KIrschner and is far more measured than similar funds continued on page 87 MARLBOROUGH TECHNOLOGY PARK REVIVE YOUR NINE TO FIVE • 584,648 square feet of Class A • Bike sharing office space across 57-acres • Conference center • Conveniently located to major • Outdoor patios routes & public transportation • Walking & running trails • Close proximity to many • Basketball & volleyball courts restaurants & retail amenities • Coffee collaboration lounge • Group Fitness FOR MORE INFORMATION, PLEASE CONTACT: JOHN LASHAR DANIELLE SIMBLIARIS ALEXANDER SWAN 617.439.7887 617.778.7164 617.778.7162 [email protected] [email protected] [email protected] owned& KSPartnersmanaged February 2, 2018 THE REAL REPORTER 5 HFF Secures $250M for Bulfinch Crossing kOSTON—Providing a game-changing with Senior Managing Director Riaz Cassum and development team while the lender en- boost to a transformational project in and Senior Director Jennifer Keller.
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