Residential Deals - The Real Reporter

Helveti73 extenTHIS WEEK’S ISSUEHigh Finance . . . . . . . . . . . . . . . . . . . 2Health Plans . . . . . . . . . . . . . . . . . . . 3Space Chase . . . . . . . . . . . . . . . . . . . 4Filling Soup . . . . . . . . . . . . . . . . . . . . 5Windham of Change. . . . . . . . . . . . . . 6THE REAL REPORT100 Reasons100 Arboretum Dr., Newington NHBY JOE CLEMENTSNEWINGTON, NH — In return fordeveloping a speculative 67,000-sfoffice building at PeaseInternationalTradeport,Farley|WhiteInterests got anenticing incentivepackage from theconverted airforce base’s managementgroup,Denis DancoesFWI principal John F. Powerrecounted Thursday at a groundbreakingfor that structure, known asPhase II of 100 Arboretum Dr.“They said, in return, we will createa northern entrance to the parkcontinued on page 20The Real ReporterA COMPENDIUM OF COMMERCIAL PROPERTY & CAPITAL NEWSThe REal Reporter corporate ID infocontact: feedback@therealreporter.comwww.therealreporter.comwebsite:Tag line: The News Source for Commercial Real EstateWeekly ReporterJUNE 7, 2013Back to the Seaport for Beaconin $95M Deal at Channel CenterBY JOE CLEMENTSBOSTON — Two majorreal estate playerswho helped launchthe Seaport District’s revitalizationappear at itagain, yet the roles aredecidedly different asCommonwealth Venturesand AREA PropertyPartners are said to be onthe verge of selling a substantialpiece of theircontinued on page 24 10-20 Channel Center, Boston MA1100 Crown Colony Dr.Trading for $25.5M1100 Crown Colony Dr., Quincy MABY MIKE HOBANBOSTON — Be Prepared. That is onelesson commercial real estate ownersand others wish they had learned fromthe Boy Scouts wellbefore Superstorm Sandybelted the East Coastsenseless last autumn,leaving at least 285 deadand $53 billion in damages.At last Friday’scompelling NAIOP programat the SeaportKatharine Bachman Vivien LiBY JOE CLEMENTSQUINCY — A New York-basedinvestor is paying $25.5 millionto secure 1100 Crown ColonyDr. from Digital Capital Realty Trustin a swap declared by one marketsource to be “imminent” as of pressdeadline. The fast-moving transactioninvolving Carey REIT II Inc. isbeing negotiated through HollidayFenoglio Fowler’s Capital Marketscontinued on page 21NAIOP – Weathering the Coming StormHotel, “Weathering the Storm: HowProperties Can Prepare and Respond,”attendees got to hear and see what happenswhen property owners fail to prepare aswell as what can bedone to be ready forwhen the next one hits.And the next onewill hit, according to thepanel of experts, beginningwith Vivien Li,president of The Bostoncontinued on page 23

2 THE REAL REPORTER June 7, 2013HFF Arranges $37.5M in Two FinancingsBOSTON — As the mid-year approaches,Holliday Fenoglio Fowler is havinganother banner season for investmentsales, but that does not seem to have compromisedthe group’s debt placement operations,as evidenced bytwo recently completedassignments. The largeris a $23 million constructionloan for aCambridge multifamilyvalue-add project, anote that will convert toGreg LaBine permanent financing,while a first mortgage refinancing of $14.9million was provided to the Wingate Cos.covering a half-dozen commercial buildingsin Greater Boston.On the Cambridge venture, BroderProperties is overhauling a three-building,63-unit multifamily project that will bebranded The Wyeth. It consists of 45 YerxaRd., a 19-unit asset that was renovated in2008, plus 120 and 124 Ridge Ave., partiallycompleted buildings sporting 28 and 16units, respectively. Based in the Back Bay,Broder Properties boughtthe holdings out of foreclosureand intends to restorethe Rindge Avenue structuresto LEED Platinumstandards, an extreme levelof sustainability. A team ledby HFF Director GregLaBine arranged the 15-year, fixed-rate financingthrough Eastern Bank thatwill fund construction andconvert to the permanentinstrument upon completion.“Broder intends to holdthese properties long-termas a core portion of theirgrowing portfolio,” explainsLaBine, with the client able to lock in ratesfrom the current environment that continuesto post record low interest levels.On the Wingate endeavor, BrooklineBank stepped up to provide the first mortgagefor a 132,700-sf portfolio in Needhamand Newton. Loan proceeds were used to70 Wells Ave., Newton MAretire maturing debt on the holdings, relaysLaBine, who oversaw that deal as well. Fiveof the buildings are on Wells Avenue inNewton (70, 100, 150, 160 and 189), whilethe other is 72 River Park St. in Needham.LaBine says there was broad interestcontinued on page 21YOUR VISION, DELIVERED.OFFICE | RETAIL | LAB | INDUSTRIALSTARBUCKS COFFEE COMPANY HANOVER, NHVOTZE BUTLER ASSOCIATES | CONSTRUCTION & PROJECT MANAGEMENT | 978.459.7600 | www.votzebutler.com

June 7, 2013 THE REAL REPORTER 3Cresa, RBJ Orchestrate56,750-SF Malden DealCommerce Place, Malden MAMALDEN — Providing a welcomed boostfor downtown Malden, CambridgeHealth Alliance is moving to CommercePlace at 350 Main St., officials for the regionalhealthcare network announced this week. The56,750-sf commitment brings occupancy to 92percent in the 152,000-sf office building thatis owned by Preotle, Lane & Associates.“This lease provides CHA a wonderful, longtermopportunity to consolidate various operationsunder one roof in a cost-effective manner,”says Cresa Boston principal Adam Subber,adding that, “all parties involved exhibited creativitythroughout the negotiations that ensuredthe lease come to fruition.” Subber plus Cresacolleagues Paul Delaney and Dan Sullivancontinued on page 20Paul DelaneyAdam SubberCBRE/NE Team Finalizes$106.7M Connecticut SaleWEST HARTFORD, CT— CBRE/NewEngland’s CapitalMarkets team has completedthe sale of Blue BackSquare, a best-in-class,mixed-use property offeringa street retail, working andliving community unique to Christopher Angelone William Moylancentral Connecticut. The asset is comprised of six buildingstotaling 448,875 sf spread over 6.4 urban acres with a mix ofmedical office, office, restaurant and retail space. RonusProperties sold the asset to Starwood Capital for $106.3 million.CBRE/NE’s Christopher Angelone, William Moylan, Nathanielcontinued on page 24FOR SALEThe Village at Cedar Heights · Mansfield, MACLASS ‘A’ 66-UNIT APARTMENT COMMUNITYWWW.VILLAGEATCEDARHEIGHTS.COMThe bank of choice forgetting the deal done.Julia Anne M. SlomSVP & Team LeaderCHRISTOPHER D. SOWER617.850.9633csower@bradvisors.comJASON S. WEISSMAN617.850.9608jweissman@bradvisors.comThe commercial real estate group at WashingtonTrust provides commercial real estate mortgagesfor the construction, refinancing, and purchase ofinvestment real estate projects throughout NewEngland.For more information, call Julia Anne M. Slom,Senior Vice President & Team Leader, at 401-348-1430 or email her at jaslom@washtrust.com.www.washtrust.com ~ 401-348-1200 or 800-475-2265Trusted Advisors Since 1800

4 THE REAL REPORTER June 7, 2013CBA Takes Long Look at CambridgeBY MIKE HOBANBOSTON — The Commercial BrokersAssociation resumed their “LookingBehind the Deals—Seeing BeyondToday” series this past week at AtlanticWharf in a panel discussiondissectingCambridge’s laboratoryand office markets. The“no frills and no powerpoint presentation”model CBA debuted lastautumn featured threeJohn J. Boyle III seasoned Cambridgebrokers, Gregory P.Lucas of CB RichardEllis; Jones Lang LaSalleExecutive VP JohnOsten; and Mark J.Winters of Cushman &Wakefield. The trio discussedemerging trendsGregory P. Lucas in one of the country’shottest markets with the help of moderatorand CBA president John J. Boyle III.Leading off the event examining theoffice segment, Winters identified the singlebiggest trend in the Cambridge officemarket over the last dozen years to be alack of construction which has morphedinto the chronic lack of inventory. The lastspeculative office project, he relayed, was700 Technology Square, a 48,900-sf structurethat came on line in 2001 and today isowned by Alexandria Real Estate Equities.There has been a total of 800,000 sf ofoffice construction in Cambridge in thecontinued on page 22We Tip the Scalein Your FavorWork with Cresa,Real Estate Advisors WhoOnly Represent the TenantDoes your broker represent yourlandlord as well as you? If so, thatpresents a potential conflict of interest.At Cresa, we work only for the tenant.Not the landlord.That’s the Tenant’s Advantage.cresa.comCresa | Corporate Real Estate Service AdvisorsMORE THAN 255 OFFICES WORLDWIDE | MORE THAN 57 NORTH AMERICAN OFFICEScontinued on page

June 7, 2013 THE REAL REPORTER 5Burgess Cooks Up DealFor 203,000 SF in LynnLYNN — A popularChelsea soup companyhas struck one ofthe most significantindustrial leases acrossNew England this year,signing up to fill 203,000sf at the Clock TowerBusiness Center. Themulti-building, 500,000-sfproperty overlookingLynn Harbor will welcomeKettle Cuisine nextspring to begin a 15-yearstay. Burgess Propertiesfounder Philip K. Burgessfomented the commitmentby placing a coldFuture home of Kettle Cuisine atClock Tower Business Center, Lynn MAcall to Kettle Cuisine leadership, aware the fast-growing companyhad a lease expiration near and need for expanded capacity.“That was it,” Burgess recounts to the Real Reporter afterKettle Cuisine soon embraced the property and signed whatturned out to be Burgess’ largest deal spanning a 32-year careerfocused on Boston’s inner suburbs. Having been exclusive listingagent since 1999, Burgess says he felt Clock Tower would beamong limited options that could serve Kettle Cuisine’s corporatespecifications without impacting its loyal employee base. Asthings turned out on the latter matter, a substantial percentageof staff reside in Greater Lynn, and for those who do not, thefuture home is just a few miles from the current plant and on amain bus line. “They realized this was a perfect fit in every wayfor them,” says Burgess of Kettle Cuisine.The relocation decision follows a partnership agreementbetween that company and the Arlon Food and AgricultureInvestment Program. Kettle intends to broaden its marketswhile maintaining core food and business philosophies. Thesoup “is so good it’s scary,” opines Burgess, sole broker in thelease negotiations. Burgess relays Kettle Cuisine will becomethe property’s largest tenant ever, with the lease split between130,000 sf under renovation and an adjacent plant being developedthrough a fast-track construction program on a site wherea similar sized building was ruined in the brutal winter of 2010.The next largest tenant occupies about 25,000 sf.The two-pronged lease structure will accommodate KettleCuisine’s need for new-age administration, manufacturing andwarehouse space inside Route 128, offers Burgess. With manysites having been replaced by so-called higher-and-better uses,Boston’s inner suburbs have seen the industrial inventory erodein the new millennium. That is one thing that makes Clock TowerBusiness Center so rare, he conveys of a development still ownedby its prior occupants, the founders of West Lynn Creamery whosold that operation several years ago but retained the real estate.FOR SALEThe Village at Cedar Heights · Mansfield, MACLASS ‘A’ 66-UNIT APARTMENT COMMUNITYWWW.VILLAGEATCEDARHEIGHTS.COMReal estate is about more than opening doors. It’s about unlockingpotential. The Greater Boston Real Estate Board is the key to maximizingopportunities and taking achievement to a new level. We’re your sourcefor insider blogs. Breaking industry news. Socialmedia networking. Legal/egislative updates. Andmore. We give you a real voice in real estate.Keymemberspowered byGBREBRHARentalHousingAssociationUNLOCKPOTENTIAL.BOMABuilding Ownersand ManagersAssociationCHRISTOPHER D. SOWER617.850.9633csower@bradvisors.comJASON S. WEISSMAN617.850.9608jweissman@bradvisors.comFind out more. Key in www.gbreb.com.DEVELOPMENT | EMPOWERMENT | ADVANCEMENTCBACommercialBrokersAssociationwww.gbreb.comGBARGreater BostonAssociation ofREALTORS ®REFAReal EstateFinanceAssociation

6 THE REAL REPORTER June 7, 2013Horvath, Tremblay Close $12.4M Lowe’s DealWINDHAM, ME — In an expeditiousprocess, Marcus & Millichap hascompleted the sale of a Lowe’s homeimprovement center here in this upscalesouthern Maine community, as the 138,000-sf retail asset at 64Manchester Dr. tradedfor $12.4 million, representinga capitalizationrate of 6.65 percent. Theunit that came on line in2006 is situated adjacentto Route 302, a majorRobert Horvath thoroughfare alongTodd Tremblaywhich close to 22,000vehicles whiz by daily,according to the Marcus& Millichap duo ofRobert Horvath andTodd Tremblay whonegotiated the sale.The transaction continuesa busy 2013 forthe two brokers who are based in Walthambut active nationally. Even with theWindham listing completed and othersmoving towards conclusion,Horvath andTremblay report anumber of other dealsthey are just nowbringing to market,most of them the netleasedvariety thattheir organizationspecializes in representing.This weekalone, the new rosterfor Horvath andTremblay features aWal-Mart in Anderson,South Carolina, whilein New England, the pair is bringing out aCVS unit in Concord, NH, as well as aBurger King in Saugus.Risk-averse investors have found netleasedreal estate a palatable investment toalternative, helping foment dozens of salesby Horvath and Tremblay to date this year.The Lowe’s, however, appears to havestruck a particular chord, with the listingonly announced by the Real Reporter inLowe’s, 64 Manchester Dr., Windham MEmid-March. In the earlier article where pricingwas predicted to be around $12.8 million,Horvath termed the Windham asset atop-performer for Lowe’s, which operates inexcess of 1,750 such units across the country,and Horvath at the time said he didexpect a speedy resolution. “It’s whateverybody wants,” he said of an asset whoseoccupant has 12 years remaining on a 20-year ground lease.n

June 7, 2013 THE REAL REPORTER 7GBREB Turnout Strongfor Scholarship Program(L-R) GBREB Treasurer Rich Beal with scholarship recipient Stephanie Graceand 2013 GBREB Chairman Rob BrierleyBY MIKE HOBANBOSTON — Fifty-five students from the Bay State receivedmuch needed help with their college tuition costs this weekas the Greater Boston Real Estate Board (GBREB) held itsthird annual Foundation Scholarship Event at the Top of theHub at the Prudential Tower. The 140 attendees at the fundraiserhelped boost the fund, which will distribute $50,000 to thisyear’s class of 25 and an additional $60,000 to last year’s class of30 recipients. The program grants funds to students over a twoyearperiod based on financial need and exceptional academicability to help them defray college costs.“It was a great event and we had a realdiverse crowd as well as a huge presence onthe part of commercial real estate community,including past chairmen Tom Hynes (ColliersInternational), Jerry Rappaport (New BostonFund), and Jim Canfield (McCall & Almy),”GBREB CEO Gregory P. Vasil relays to theReal Reporter following its conclusion. “Half ofGregory P. Vasilthe kids are from Boston and the other half are from the suburbsand we’re helping them go to a range of schools from the IvyLeague to the state colleges,” explains Vasil.The “keynote” speaker was one of the student recipients,Stephanie Grace from the Josiah Quincy Upper School inBoston, who will attend Brigham Young University next year.“Her story is that for part of her high school career she washomeless and living in a shelter with her family, and she was verygrateful for this scholarship because it completes the financialaid package that allows her to go to BYU,” says Vasil.Robert Brierly, Chairman of GBREB (and Senior VP atColliers International) introduced the 55 recipients of the scholarships,followed by Ms. Grace and Robin Coyne, the guidancecounselor for the Josiah Quincy School, who expressed gratitudefor the program and told the crowd just how much thescholarships mean to her students.nConstructionDevelopmentFinancingConveyance1031 ExchangesLeasingEnvironmentalLand UseLitigationCommercialLendingSBA LendingMixed-UseMultifamilyOfficeRetailAt Davis Malm, we make yourbusiness our business.Just ask these experiencedreal estate lawyers.C. Michael Malmcmalm@davismalm.comGeorge “Tony” Hewettghewett@davismalm.comKendra Kinscherfkkinscherf@davismalm.com

June 7, 2013 THE REAL REPORTER 9Commercial DealsMILLION DOLLAR MORTGAGES/SALES MAY 28 - MAY 31, 2013continued from page 8BUYER: North River II LLCSELLER: Fine Art Storage Partners LLC, managedby Richard L. PerlmutterPRICE/ADD: $33,430,000; 200 Inner BeltRd., SomervilleMTG: $24,570,000 from People’s United BankNOTES: Office/flex property, constructed 2001;building size is 186,000 sf, lot size is 8.4 acres;last sold for $13,458,000 in Dec. 2005MTG: $29,300,000 from TD BankADD: 159 First St., CambridgeBWR: 159 First Street Associates, managed byJames A. Malesich Jr.MTG: $18,000,000 from Principal LifeInsurance Co.ADD: 600-638 Massachusetts Ave., CambridgeBWR: Central Square LLC, managed by StuartW. Pratt, presidentBUYER: DWF II Synergy LLC, managed byDivcoWest and Synergy DevelopmentSELLER: W2005 BWH II Realty LLC, managedby Archon GroupPRICE/ADD: $11,000,000; 327-335 and 337-347 Summer St., BostonMTG: $5,850,000 from DWF III SynergyLender LLCNOTES: Pair of office properties, const. 1911;327-335 Summer St. building size is 46,125 sf,lot size is 6,550 sf; 337-347 Summer St. buildingsize is 62,200 sf, lot size is 10,275 sf; portionsof portfolio acquired by seller in Nov. 2005MTG: $8,800,000 from Northern Bank &Trust Co.ADD: 859 Main St., WoburnBWR: 859 Main Development LLC, managedby Bryan E. Melanson and Scott L. SeaverBUYER: 319A Property Owner LLC, managedby DivcoWest and Synergy DevelopmentSELLER: W2005 BWH II Realty LLC, managedby Archon GroupPRICE/ADD: $8,000,000; 319-321A St., BostonMTG: $5,850,000 from Divcowest Fund IIIREIT LPNOTES: Office property, const. 1913, renovated2007; bldg. size is 48,325 sf, lot size is 1.3 acres;portion of portfolio acq. by seller in Nov. 2005MTG: $7,425,000 from Eastern BankADD: 128 Derby St, HinghamBWR: Shulman Realty LLC, mgd. by Scott ShulmanMTG: $4,008,000 from Cambridge Trust Co.ADD: 92-96 Prospect St., SomervilleBWR: Two Squares LLC, mgd. by Bart BussinkMTG: $2,900,000 from East Boston SBADD: 36-54 Broadway St., MaldenBWR: Malway Realty Associates LP, managedby Deirdre GeogheganMTG: $2,500,000 from Cape Cod FiveCents Savings BankADD: Woodridge Road, DuxburyBWR: Duxbury Residential LLC, managed byJohn C. Dawley and Richard A. ThomasMTG: $2,427,000 from Rockland Trust Co.ADD: Summer Street, DuxburyBWR: Giacchetto Duxbury LLC, managed byThomas A. GiacchettoMTG: $2,100,000 from Bay State SBADD: Barre-Paxton Road, RutlandBWR: Pleasantdale LLC, mgd. by Joseph Faucher Jr.MTG: $1,825,000 from Dedham Institutionfor SavingsADD: 626 Centre St., BostonBWR: Christos Stamatos and George Stamatos,trustees of the S-626 Centre Street Realty TRMTG: $1,744,500 from Webster BankADD: 43 Twin Diamond Dr., Bridgewater; and32 and 46 North Manchester St., BrocktonBWR: Daniel R. Evans Jr.MTG: $1,600,000 from The Cooperative BankADD: 177 Wells Ave., NewtonBWR: JWD Wells Avenue LLC, managed byJames W. DevaneyMTG: $1,525,000 from Salem Five Cents SBADD: 26, 28-40, 42 and 44 Essex Rd., IpswichBWR: John Bruni, trustee Southern Cross Realty TRMTG: $1,240,000 from The Village BankADD: 138 Needham St., NewtonBWR: Needham Street LLC, mgd. by Jay DerenzoMTG: $1,000,000 from Cathay BankADD: 81 and 83-99 East Cottage St., BostonBWR: Diamond 98 LLC, mgd. by Yu Liang TsengMAY 29THBUYER: BC Edmands House LLC, managed byBeacon CommunitiesSELLER: Edmands House Apartments Associates,mgd. by Helen A. McCarthy, general partnerPRICE/ADD: $22,000,000; 11-15 EdmandsRd., FraminghamMTG: $20,180,000 from MHIC LLCNOTES: Multifamily property, constructed1973; affordable housing development; 190units; building size is 188,400 sf, lot size is 3.6acres; seller acquired property in June 1973BUYER: Heights Holding Co., managed byMichael E. LaubSELLER: Two Washington Place LLC, managedby William M. Whelan, Whelan AssociatesPRICE/ADD:31 Roche Brothers Way, a/k/a 2Washington Pl., Easton and StoughtonMTG: $4,250,000 from RiverSource LifeInsurance Co.NOTES: Medical office property, constructed 2008;building size is 42,125 sf, lot size is 3.8 acresMTG: $5,033,000 from Sovereign BankADD: 4-8 Gardner St., and 74-84 HarvardAve., BostonBWR: Harvard Gardner LLC, managed byAustin M. O’Connorcontinued on page 19Photo: Derek Szabo

June 7, 2013 THE REAL REPORTER 11Residential DealsMILLION DOLLAR MORTGAGES/SALES MAY 28 - MAY 31, 2013continued from page 10BUYER: Frances ClaySELLER: C. William Carey, trustee of Carey Realty TRPRICE/ADD: $1,595,000; 2 Avery St., U-25-H, BostonNOTES: Unit in high-rise condominium; unitsize is 1,575 sf; two bedrooms and 2.5 baths;unit last sold for $1,225,000 in May 2004BUYER: Jessica Moy and Jonathan MoySELLER: Christine S. Nelson, trustee 41 YoungRoad Realty TRPRICE/ADD: $1,555,000; 41 Young Rd., WestonMTG: $1,244,000 from The Village BankNOTES: Single-family Colonial, constructed 1987;house size is 5,325 sf, lot size is 1.3 acres; fivebedrooms and 4.5 baths; last sold for $1,000,000in Feb. 1989; Declaration of HomesteadBUYER: Michael Williams & Susan Hall WilliamsSELLER: Charlene K. Hyle and Charles HylePRICE/ADD: $1,480,000; 28 Marlborough St.,U-1, BostonMTG: $1,020,750 from First Republic BankNOTES: Unit in low-rise condominium; unitsize is 1,700 sf; two bedrooms and 3.5 baths;unit last sold for $1,275,000 in May 2010BUYER: Xiaomei LiuSELLER: Adrienne McGrath & John McGrathPRICE/ADD: $1,450,000; 95 CommonwealthAve., NewtonNOTES: Single-family Colonial, constructed 1920;house size is 3,175 sf, lot size is 13,000 sf; threebedrooms and 2.5 baths; last sold for $472,500in July 1987; Declaration of HomesteadBUYER: Amy Sussman and Justin SussmanSELLER: Alison Quade and Peter Spring Jr.PRICE/ADD: $1,385,000; 47 Milford St., U-3, BostonMTG: $1,108,000 from Mortgage Network Inc.NOTES: Unit in low-rise condominium; unitsize is 1,700 sf; three bedrooms and 2.5 baths;unit last sold for $1,185,000 in Sept. 2010BUYER: Lisa H. McDonoughSELLER: John Noonan and Mary Jean NoonanPRICE/ADD: $1,345,000; 600 Tremont St.,U-3, BostonNOTES: Unit in low-rise condominium; unitsize is 1,950 sf; two bedrooms and 2.5 baths;unit last sold for $995,000 in April 2004BUYER: Anna Perault and Donald PeraultSELLER: Pejman Talebian and Viktoria TalebianPRICE/ADD: $1,325,000; 46 Beach Bluff Ave.,SwampscottMTG: $1,060,000 from First Republic BankNOTES: Single-family, constructed 1920; housesize is 4,975 sf, lot size is 20,000 sf; three bedroomsand three baths; last sold for $729,000in July 2003; Declaration of HomesteadStephen Williamson has harvested 93 Adams St. in Lexington for $1,297,500, a nine-year-old Colonialbought for $1,352,000 in March 2004. Buyers Changappa Kodendera and Rina Kodendera received$1,000,000 from JPMorgan Chase Bank to facilitate their purchase of the 3,150-sf, four-bedroom residence.BUYER: Judith Merra and Morgan Molloy Jr.SELLER: James J. Mawn and Douglas AdamSmith, trustees of Lincoln Road TRPRICE/ADD: $1,250,000; 377 Lincoln Rd., SudburyMTG: $1,000,000 from Cambridge Savings BankNOTES: Single-family Colonial, constructed 2012;house size is 5,300 sf, lot size is 40,075 sf; fivebedrooms and 3.5 baths; property last sold for$477,000 in Aug. 2008; Declaration of HomesteadBUYER: James M. McGlennon and Susan AnnD. McGlennonSELLER: Joseph E. Mirra and Veronica F. MirraPRICE/ADD: $1,235,000; 145 Larch Rd., CambridgeNOTES: Two-family, constructed 1912; buildingsize is 2,600 sf, lot size is 6,100 sf; sellers’ familyownership in property dates to Aug. 1963BUYER: Richard BihrleSELLER: 43 Commercial Wharf Boston LLC,managed by Robert B. KinlinPRICE/ADD: $1,150,000; 43 Commercial St.,U-43-6, BostonMTG: $690,000 from JPMorgan Chase BankNOTES: Unit in mid-rise condominium; unitsize is 1,325 sf; one bedroom and one bath;unit last sold for $775,125 in June 2004BUYER: Celia McGee and Henry McGee IIISELLER: Bettina Igel and Brian W. MonnichPRICE/ADD: $1,145,000; 975 Memorial Dr.,U-408, CambridgeNOTES: Unit in high-rise condominium; unitsize is 1,100 sf; one bedroom and one bath;unit last sold for $404,500 in Feb. 1988BUYER: Celine Nussbaum & Sebastien NussbaumSELLER: NRHS Development LLC, mgd. byDebra JoharPRICE/ADD: $1,195,000; 57 Reed St., LexingtonMTG: $745,000 from Fairway IndependentMortgage Corp.NOTES: Single-family, constructed 2013; housesize is 3,725 sf, lot size is 6,525 sf; five bedroomsand 3.5 baths; property last sold for $380,000 inMarch 2012; Declaration of HomesteadBUYER: Colin Connolly and Nathalie RoySELLER: Gaudenz DanuserPRICE/ADD: $1,100,000; 65 Prentiss St., CambridgeMTG: $880,000 from Mortgage MasterNOTES: Single-family, constructed 1886; housesize is 2,025 sf, lot size is 2,000 sf; four bedroomsand 2.5 baths; last sold for $980,000 inAug. 2009; Declaration of HomesteadBUYER: Amy-Lynn Remondi & Christopher RemondiSELLER: Andrew Littlehale & Nancy LittlehalePRICE/ADD: $1,105,000; 80 Bridge St., HamiltonMTG: $884,000 from Mortgage MasterNOTES: Single-family Cape, const. 2002; housesize is 3,775 sf, lot size is 25,275 sf; four bedrooms& 2.5 baths; last sold for $1,244,100 in July 2008continued on page 12

14 THE REAL REPORTER June 7, 2013Residential DealsMILLION DOLLAR MORTGAGES/SALES MAY 28 - MAY 31, 2013continued from page 13BUYER: James J. YasharSELLER: Susan FrigolettoPRICE/ADD: $1,040,000; 41 Union St., CharlestownMTG: $417,000 from Navigant Credit UnionNOTES: Single-family brick Rowhouse, constructed1996; house size is 2,250 sf, lot size is1,750 sf; last sold for $842,500 in Aug. 2004MTG: $1,028,500 from Brookline BankADD: 16 and 18 South St., MarionBWR: Christopher Shachoy & Meredith Clark ShachoyBUYER: Karen Rapuano and Michael RapuanoSELLER: Susanne Hafer and Zachary HaferPRICE/ADD: $1,009,000; 6 Monument St.,CharlestownMTG: $634,000 from Poli Mortgage GroupNOTES: Single-family Colonial, const. 1850; unit sizeis 1,675 sf, lot size is 1,875 sf; three bedrooms and2.5 baths; last sold for $800,000 in March 2008MAY 29THBUYER: Theodore Burke & Theresa Anne SmithSELLER: Carla Herwitz and Joan SonnabendPRICE/ADD: $3,710,000; 27 Chestnut St.,and 70-72 Mt. Vernon St., U-5A-70-72, BostonMTG: $1,400,000 from Bank of AmericaNOTES: Unit in mid-rise condo; unit size is 4,025sf; five bedrooms and 4.5 baths; unit last sold for$175,000 in Sept. 1974; Declaration of HomesteadBUYER: Gregory Jonas and Diana ScottSELLER: Sandra C. SteelePRICE/ADD: $2,800,000; 300 Boylston St., U-905, BostonNOTES: Unit in mid-rise Heritage on the Gardencondo; unit size is 1,925 sf; two bedrooms and 2.5baths; unit last sold for $2,450,000 in July 1999BUYER: Christopher Pongratz & Kimberly PongratzSELLER: Baldwin Equities LLC, mgd. by Mark FriedellPRICE/ADD: $2,158,075; 385 Elm St., ConcordMTG: $1,000,000 from Electra CapitalNOTES: Single-family Dutch Colonial, constructed2012; house size is, 6,325 sf, lot sizeis 41,825 sf; six bedrooms and 6.5 baths;property last sold for $725,000 in April 2012BUYER: Eric B. Lev and Michelle H. LevSELLER: Davlew Development LLC, managedby Jonathan G. DavisPRICE/ADD: $2,100,000; 130 Temple St., NewtonMTG: $1,000,000 from JPMorgan Chase BankNOTES: Sgl.-family Victorian, const. 1880; house sizeis 4,450 sf, lot size is 14,475 sf; six bdrms., four baths& two half-baths; sold for $900,000 in Sept. 2011MTG: $2,000,000 from JPMorgan Chase BankADD: 21 Commercial Wharf, NantucketSalem Five Mortgage Co. has provided Charles R. Lawson $750,000 to buy 62 Colony Rd. in Lexingtonfor $1,265,000 from Sherry Grobstein, who paid $236,000 for the property in July 1991, the same yearthe structure was completed on a 20,050-sf parcel. Sixty Two Colony Rd. is a 4,375-sf property with fourbedrooms and three baths.BWR: Richard G. Corey, trustee of Twenty-OneCommercial Wharf Nominee TRBUYER: Trustees of Boston CollegeSELLER: Cutberto Garza and Yolanda C. GarzaPRICE/ADD: $1,959,000; 339 Hammond St.,NewtonNOTES: Single-family Colonial, constructed1938; house size is 3,800 sf, lot size is 16,925sf; five bedrooms and 5.5 baths; last sold for$1,900,000 in Nov. 2005BUYER: Claude Staehly and Katherine StaehlySELLER: Ralph Earle Jr. and Shirley Smith EarlePRICE/ADD: $1,900,000; 44 Ripley Ln., WestonMTG: $200,000 from Cambridge Trust Co.NOTES: Antique Colonial, const. 1740; house size is3,500 sf, lot size is six acres; six bdrms. and 4.5 baths;sellers’ ownership in property dates to Dec. 1969BUYER: Peter PrincipatoSELLER: Mary Lombardi and Primo LombardiPRICE/ADD: $1,875,000; 33 Abel’s Neck Rd.,ChilmarkMTG: $1,695,000 from BNY MellonADD: 465 Glen Rd., WestonBWR: Michelle Lynne Garfinkel & Steven GarfinkelBUYER: Kristin Schreiber and Paul WacnikSELLER: Alan Rothstein and Natalie RothsteinPRICE/ADD: $1,570,000; 57 York Ter., BrooklineMTG: $1,777,500 from FairwayIndependent Mortgage Corp.NOTES: Single-family, constructed 1895; housesize is 5,150 sf, lot size is 22,700 sf; seven bedroomsand two baths; sellers’ ownership in propertydates to Dec. 1965; Declaration of HomesteadBUYER: Hok Mo Lee and Yin Kum LeeSELLER: Robert Francini and Yuk Kam FranciniPRICE/ADD: $1,500,000; 6 St. Thomas MoreDr., WinchesterNOTES: Single-family Colonial, constructed 1997;house size is 4,175 sf, lot size is 21,400 sf; fivebedrooms and 3.5 baths; property last sold for$315,000 in Jan. 1997; Declaration of HomesteadMTG: $1,474,500 from Luxury Mortgage Corp.ADD: 1 Buckingham Ter., WellesleyBWR: Jill D. Creevy and William R. CreevyBUYER: Tryfan D. Evans and Holly H. MorrowSELLER: Caroline Darbyshire & Matthew GentaPRICE/ADD: $1,433,500; 11 Boulder Rd., WellesleyMTG: $1,146,800 from First Republic BankNOTES: Single-family Tudor, constructed 1923;house size is 4,225 sf, lot size is 23,250 sf; fivebedrooms and 5.5 baths; last sold for $1,500,000in March 2005; Declaration of HomesteadBUYER: Allison Koskinas and Gregory KoskinasSELLER: David M. Joy and Michele K. JoyPRICE/ADD: $1,410,000; 7 Indian Rock Ln.,HinghamMTG: $1,128,000 from First Republic Bankcontinued on page 15

June 7, 2013 THE REAL REPORTER 15Residential DealsMILLION DOLLAR MORTGAGES/SALES MARCH 30 - APRIL 5, 2010continued from page 14NOTES: Single-family Colonial, constructed1989; house size is 3,700 sf, lot size is 1.5acres; four bedrooms and 3.5 bathsMTG: $1,348,000 from Poli Mortgage GroupADD: 30 Colburn Rd., WellesleyBWR: Shaune Marie Berg and Steven T. BergBUYER: Albert D. Mendelsohn, trustee of 71Vista Avenue Realty TRSELLER: Newton-Wellesley Hospital, managedby Gerard F. HadleyPRICE/ADD: $1,317,000; 71 Vista Ave., NewtonMTG: $1,380,110* from MutualOne BankNOTES: Single-family Ranch, constructed 1955;house size is 2,550 sf, lot size is 36,450 sf; fourbedrooms and 4.5 baths; property donated to sellerin Dec. 1993; *mortgage also covers 11Concolor Ave. and 154 Paulson Rd., Newton, existingsingle-family properties owned by borrowerBUYER: Karen C. Lee and Liane YoungSELLER: Michael Strong and Nancy StrongPRICE/ADD: $1,295,000; 10 Louis Dr., WellesleyNOTES: Single-family Colonial, constructed 1994;house size is 3,675 sf, lot size is 10,050 sf; fourbedrooms and 2.5 baths; Declaration of HomesteadMTG: $1,233,000 from JPMorgan Chase BankADD: 4 Cobblestone Cir, WaylandBWR: Neil F. Hornstein and Sharon B. WeilBUYER: Ankur Bhargava and Stuti BhargavaSELLER: James J. Deveney and Nathalie Safar,f/k/a Nathalie Safar-DeveneyPRICE/ADD: $1,233,000; 24 Fox MeadowLn., WaylandMTG: $976,000 from MSA MortgageNOTES: Single-family Colonial, constructed 2006;house size is 5,175 sf, lot size is 2.1 acres; fourbedrooms and 2.5 baths; property last sold for$740,000 in Aug. 2004; Declaration of HomesteadMTG: $1,220,000 from First Republic BankADD: 94 Walnut Pl., BrooklineBWR: Alexander Preble Jaques and JessicaColt ShattuckBUYER: Kezhen Guo and Ping JiangSELLER: Lemonias Development Corp., managedby John LemoniasPRICE/ADD: $1,190,000; 157 Koning FarmRd., CarlisleMTG: $892,500 from Washington Trust Co.NOTES: Sgl.-family Colonial, const. 1913; house sizeis 5,000 sf, lot size is 5.8 acres; five bdrms. and 3.5baths; portion of property acq. by seller in Jan. 2006MTG: $1,150,000 from Cape Cod FiveCents Savings BankAfter 25 years, Bettina Igel and Brian W. Monnich have sold their unit at the high-rise 975 Memorial Dr.condominium in Cambridge, securing $1,145,000 for Unit 408, an 1,100-sf, one-bedroom unit purchasedin Feb. 1988 at a price of $404,500. The buyers are Celia B. McGee and Henry W. McGee III.ADD: 15 Tamarack Rd., WestonBWR: Bradford Spencer and Victoria SpencerBUYER: Amie Saphire and Jonathan SaphireSELLER: Beverly B. Kinraide, Executrix underthe Will of Phyllis G. BrookfieldPRICE/ADD: $1,125,000; 168 MassapoagAve., SharonMTG: $840,000 from EverBankNOTES: Sgl.-family Colonial, const. 1900; house sizeis 3,575 sf, lot size is four acres; seven bdrms. & threebaths; seller’s family ownership dates to Jan. 1956BUYER: Elizabeth Egan and Gerald F. EganSELLER: Jeanne Campbell and Richard CampbellPRICE/ADD: $1,100,000; 40 York St., NantucketMTG: $625,000 from Cape Cod Five Cents SBNOTES: Single-family, constructed 1932;house size is 1,625 sf, lot size is 9,575 sf;three bedrooms and two baths; property lastchanged hands in Aug. 1967BUYER: Celtic Vision Realty LLC, managed byBrian J. Walsh and Ellen D. WalshSELLER: Anthony TedeschiPRICE/ADD: $1,047,800; 741-753 East FifthSt., BostonNOTES: Two-family, constructed 1900; buildingsize is 2,500 sf, lot size is 2,800 sf; lastsold for $829,000 in Oct. 2004MTG: $1,039,000 from First Republic BankADD: 314 Otis St., NewtonBWR: Angela Falchuk and Jason FalchukMTG: $1,009,000 from US BankADD: 11 Linnaean St., CambridgeBWR: Jie Lu and Eugene WangMTG: $1,000,000 from Washington TrustMortgage Co.ADD: 257 Nashoba Rd., ConcordBWR: Astrid Behnam and Michael BehnamMTG: $1,000,000 from Cape Cod FiveCents Savings BankADD: 38 Burnell St., NantucketBWR: Timothy Carruthers and Elizabeth WeissMTG: $1,000,000 from RBS CitizensADD: 7 Stonecrest Dr., NeedhamBWR: Carol A. Carlson and Steven W. CarlsonBUYER: Kevin J. Routhier and Tracy RouthierSELLER: GD Fox Meadow LLC, managed byMatthew LawrencePRICE/ADD: $1,000,000; 8 Fox Meadow Dr.,WestwoodMTG: $2,120,000 from Needham BankNOTES: Land parcel; lot size is 1.4 acresMTG: $1,000,000 from First Niagara BankADD: 823 Newton St., BrooklineBWR: Aneesa Kazi and Mashhour Moukaddemcontinued on page 16

June 7, 2013 THE REAL REPORTER 19Massachusetts CorporationsOrganized May 27 - May 31, 2013Corporation Directors/Registered Agents Address Nature of BusinessPark Slope Holdings LLC Joseph Catalano, manager; Carl A. Rizzo, resident agent Principal office @ 191 16th St., Brooklyn NY 11215; Business of real estateCarl A. Rizzo @ 22 farwood Dr., Bradford MA 01835; Carl A. Rizzo @100 Pleasant ST LLC Ron Ifrah, manager 345 Pond St., Westwood MA 02090 Develop, invest in, lease, operate and sell RE34 Edison LLC Daniel Rubin, manager 34 Edison Green, Dorchester MA 02125 Buy, improve, rent and sell real estateTMA Realty Inc. Joseph Saade, president, treasurer and secretary 7 Tait Ave., North Easton MA 02356 Develop and manage real estateCLGI LLC Joanne Rome, manager 5 Campbell St., Woburn MA 01801 Real estate and interests thereinLC Investment Properties LLC Richard R. Chartier, manager 9 High Meadow Rd., Little Compton RI 02837 Buy, develop, hold, rent and sell real estateJAB Real Estate Management LLC Olivia Sillari, manager; Timothy A. Gagnon Esq., resident agent Principal office @ 351 Pope Rd., Concord MA 01742; Invest in and manage real estateTimothy A. Gagnon Esq. @ 188 Mayfair Dr., Westwood MA 02090Grand Coast Capital Fund I LLC Jeffrey Carter and Paul Esajian, managers 75 Arlington St., Floor 5, Boston MA 02116 Investments, including real property interests1228 Sherbrooke LLC William W. Abendroth, manager 40 Grove St., Ste. 375, Wellesley MA 02482 Acquire, maintain, rent and sell real estateDGG Holdings LLC Robert Dabrieo, Brian Gately and George Gately III, managers 1 Summit St., Woburn MA 01801 Dealing with interests in real estateWilder Brook Development LLC Mark Dymek, manager 217 Conant St., Gardner MA 01440 Residential construction and sales146-148 George Street LLC Adam Ioakim and George Ioakim, managers 190 Mystic Ave., Medford MA 02155 Real estate management1576 Commonwealth Avenue #11 LLC Bruce Balder, manager 150 Old Page St., Stoughton MA 02972 Manage real estate141 Englewood Avenue LLC Bruce Balder, manager 150 Old Page St., Stoughton MA 02972 Manage real estate522 Page Blvd, LLC William Tetreault, manager 522 Page Blvd., Springfield MA 01104 Real estateHarmony 109 LLC Deborah Neubauer, manager 46 Hop Brook Rd., Amherst MA 01002 Hold real estate113-115 High Street LLC Enrico S. Corsetti, manager 141 Webster St., Newton MA 02465 Manage and purchase real estateNFC Mortgage Company LLC Daniel J. Briand, Nicholas M. Christ, Carl W. Taber and 330 Swansea Mall Dr., Swansea MA 02777 Residential mortgage lendingJames F. Wallace, managersQuiet Communities Inc. James Banks, president; Charles Mrotta, MD, treasurer; 154 Lincoln Rd., Lincoln MA 01773 Non-profit promoting quiet and healthyCathy Harris, secretarylandscape and home maintenance practicesthat respect public health and quality of lifeMill & Foster LLC Edward O. Sanchez and Gail F. Sanchez, managers; Principal office @ 48 North St., New Bedford MA 02740; Manage and own real estateLawrence D. Hunt Esq., resident agentLawrence D. Hunt Esq. @ 128 Union St., Ste. 500, New Bedford MA98 Glen Street LLC Mark Regis, manager; Robert Dionisi Jr. Esq., resident agent Principal office @ 1 Bush Rd., Hudson MA 01749; Acquire, hold, lease, mortgage and sell RERobert F. Dionisi Jr. Esq. @ 365 Boston Post Rd., Ste. 214, Sudbury MACommercial Dealscontinued from page 9MTG: $4,707,500 from Easthampton SBADD: 866 North Rd., WestfieldBWR: Russian Evangelical-Baptist Church ofSpringfieldBUYER: Acton Townhouses LLC, managed byStuart Levey, c/o Universal Management LLCSELLER: Nashoba Apartments LP, mgd. by RonaldBrown, president and Harold Brown, treasurerPRICE/ADD: $4,300,000; 284 Great Rd.,ActonMTG: $3,440,000 from CBRE MultifamilyCapital Inc.NOTES: Multifamily property; sellers’ ownershipin property dates to June 1987MTG: $4,250,000 from Eastern BankADD: 527-529 Beacon St., BostonBWR: James T. Garnache, trustee of527-529 Beacon Street Realty TR, c/o theMount Vernon Co.MTG: $3,780,000 from Eastern BankADD: 2-16 Hyde Park, BostonBWR: 2-16 Hyde Park Avenue LP, managed byLeonard J. SamiaMTG: $2,500,000 from Digital Federal CUADD: 95-115 Eastern Ave. and 600-610Providence Hwy., DedhamBWR: Dedham Marketplace LLC, managed byStephen P. SteinbergMTG: $2,000,000 from WinchesterCooperative BankADD: 353 Cambridge St., WinchesterBWR: Curtis Bonnell, Ralph Bonnell III andSteven Bonnell, trustees of R&B – 353 Realty TRBUYER: Hang Ten Inc., mgd. by Mark J. Powers,president, and Michael J. McNamara, treasurerSELLER: William L. HirstPRICE/ADD: $1,800,000; 28 West Rd., OrleansMTG: $905,000 from Bank of Cape CodNOTES: Restaurant property, constructed 1984;building size is 9,225 sf, lot size is 3.5 acres;property last sold for $250,000 in Aug. 1982MTG: $1,400,000 from Cape CodCooperative BankADD: 192 and 196 Pleasant St., YarmouthBWR: Jessie’s Lane LLC, mgd. by Paul K. ButlerMTG: $1,185,000 from Enterprise B&T Co.ADD: 205 Main St., North ReadingBWR: Tonelli Realty LLC, managed by J. StevenTonelli and Mark G. WebsterBUYER: CC&C of Leominster LLC, managed byJ. Thomas Jones and Kevin J. JonesSELLER: D.H. Adams Co. Inc., managed byJohn J. McManus, president and treasurerPRICE/ADD: $1,020,000; 720 Mechanic St.,LeominsterNOTES: Sgl.-story warehouse, constructed1960; building size is 37,375 sf, lot size is 2.3acres; last sold for $843,886 in July 2003MAY 28THMTG: $14,900,000 from Brookline BankADD: 72 River Park St., Needham; and 70,100, 150, 160 and 189 Wells Ave., NewtonBWR: WRP Realty Inc., mgd. by Wingate Cos.BUYER: J. Russ Corp., mgd. by Joseph Russell, pres.SELLER: Scott M. SaltusPRICE/ADD: $1,575,000; Brandt Lane and 24Jolma Rd., WorcesterMTG: $1,725,000 from Avidia BankNOTES: Land parcels; lots total 4.2 acres;*mortgage also covers 47 Rockland Rd.,Auburn and 47 Southwest Cutoff, WorcesterMTG: $1,350,000 from Florence Savings BankADD: 7 Upper Church St., West SpringfieldBWR: Castle Pines LLC, mgd. by Brian Fitzgerald

20 THE REAL REPORTER June 7, 2013The Real Reportcontinued from page 1right from the Spaulding Turnpike witha new bridge and ramp (tailored) to haveyour building be the first one people seewhen they come here,” Power told thegathering on-site where a parking lot hasalready been dug up for the three-story,67,000-sf structure that is slated for completionin February. For Power and partnerRoger “Sam” Altreuter, the scenariowas too good to pass up for a buildingthat had always been on the drawingboards after buying the existing 100Arboretum Dr. 12 years ago in the Bostonbasedfirm’s inauguralGranite State purchase.A vicious recession didnot help move the planalong, but Powerexplained the visionremained intact, andimproving conditionsLinda S. Roth coupled with concernsthere might not be enough space toaccommodate existing tenant Long-TermCare Partners had Farley|White primedto launch the rare speculative plan on itsown. The Tradeport’s offer ultimately putthe final piece in motion, says Power, whileCushman & Wakefield Director DenisDancoes says the agreement promises todeliver “a special” project to the Seacoast.“It’s pretty impressive,” Dancoes toldthe Real Reporter while waiting for thegroundbreaking to commence. “It’s a beautifulbuilding that will have some of thebest space you can find around here . . . Ithink it will get a lot of interest.” If fact,Power later conveyed, a number ofprospects are already circulating even withthe ceremony having just concluded. ForFarley|White, however, the key is to giveloyal LTC first shot at any space it needs,Power stressed, reciting the landlord’senduring gratitude for such a congenial—and ever expanding—building companion.LTC is so cooperative, Power says, CFOLinda S. Roth had conveyed to him whensite work recently began that “our employeesreally love the blasting,” assuaging hisfears of a less amenable response. “It’s NewHampshire,” he said, laughing with attendeesover the enduring attitude.Most of Farley|White’s portfolio of 3 millionsf is in Massachusetts, but Phase II willbring its New Hampshire portion above100 Arboretum Dr., Phase II, Newington, NH (RENDERING)Cresa, RBJ Dealcontinued from page 3advised the tenant, while Ron Friedman,Steven Purpura and Eric Smith of RichardsBarry Joyce & Partnersrepresented Preotle,Lane as the property’sexclusive listing agents.“Commerce Place isperfect for CambridgeHealth Alliance, giventhat it is situated right inthe middle of the cover-Dan Sullivanage area,” details Smith. “The building’slarge floor plates provide CHA the spaceneeded to relocate their employees fromother locations and the current shell conditionof the floors offersthe flexibility to strategicallydesign their layout.Finally, CHA found themany recent and plannedimprovements to MaldenSquare quite impressive.”Steve PurpuraCHA is an award-winningorganization thatserves Cambridge, Malden, Somerville andother communities in metropolitan Boston’s800,000 sf. with product concentrated in theSeacoast and Greater Manchester submarkets.Power says the expansion is intentional,partly reflecting an outlook that rising urbanrents will force companies to consider secondaryvenues. “It’s already happening,” saysPower, citing new firms from Massachusettsin several southern New Hampshire buildingsheld by the firm and other Massachusettslandlords who have traipsed across the border,among them the fellow Seacoast developerCathartes Co., Equity IndustrialPartners and John Flatley, who is making amajor push into Nashua.Power also praises New Hampshire officialsfor a will-do approach. “They not onlysay they will build you a new bridge, theygo out and do it,” he says, pointing to thepublic works project well underway a fewyards away from 100 Arboretum Dr. nRon FriedmanEric Smithnorthern suburbs. Offices such as one atStation Landing in Medford will be moved tothe fourth and fifth floors of CommercePlace, although details of when that willcommence or how long the lease extendswere not divulged. Financial terms werealso not provided, although RBJ puts theaverage asking rent forthe inner suburban northsector at $26.98 per sfthrough Q1, representinga 0.5 percent gain overthe past 12 months.Whatever the incentives,Commerce Placehas managed to fill alarge block of fallowspace recently, havingjust singed Cablelive to a4,150 sf deal and EastBoston Savings Bank for12,225 sf. RBJ citesamenities such as a caféand fitness center forhelping stir interest inthe building, as well as the strong sponsorshipof Preotle, Lane, a New York-basedfirm that has owned Commerce Place sincepaying $7.0 million in Dec. 1995. n

June 7, 2013 THE REAL REPORTER 21Crown Colony Dr.continued from page 1Group, which reportedly drew “tons” ofinterest for the 132,000-sf building that isfully occupied by Arbella Insurance. Somecalculations put the capitalization rate onthe sale in the mid-6-percent sphere. Theacquisition apparently is being consummatedon an all-cash basis.“It’s a great price,” opines one investmentprofessional who credits the turnoutfor 1100 Crown Colony Dr. by eagerinvestors to its net-lease nature that hasArbella’s agreement extending another 14years. “They take verygood care of the building,”the source says ofboth landlord and tenant,while buying into one ofsuburban Boston’s topoffice parks also apparentlywas of comfort toColeman Benedict capital that had beenshying away from theSouth Shore in the wakeof a tumultuous 2008recession. Slowly, however,the attitude hasshifted to a sunnier outlook,according to marketbrokers, especiallyBenjamin Sayles for best-in-class product.North Quincy has benefitted from astring of such investments this decade, andas the Real Reporter relayed recently,Campanelli is taking on the empty HeritageOffice Park, paying an estimated $17 millionfor the pair of Class A buildings thattotal 356,000 sf. By comparison, thoseempty structures are fetching less than $4770 Wells Ave.continued from page 2among lenders to participate in the opportunitywith the multi-faceted organizationwhose roots date back 45 years.“Wingate has done a superior job inkeeping the properties well leased throughouttheir ownership of the portfolio,” saysLaBine. Their high tenant retention ratecoupled with the portfolio’s excellent locationmade this an attractive lending operationfor Brookline Bank.” Wingate managesand owns more than 13,000 apartmenthomes in 14 states and has processed $1billion of product during its existence. nCrown Colony Office Park, Quincy MAper sf versus the $195 per sf being shelledout for 1100 Crown Colony Dr. Dating to1988, the five-story building did see a dipwhen Digital Realty scooped it up for $19.2million in July 2010 after having sold for$25.0 million 15 years ago this month.Other hopeful signs are also on the horizonat Crown Colony, including a proposalto build high-end apartments on a site inthe 143-acre mixed-use complex that is situatedclose to the juncture of Route 3 andInterstate 93. The multifamily idea is beingadvanced via the Flatley Co., among NewEngland’s most active investors.The 1100 Crown Colony Dr. conclusionmakes for a triumvirate of notable 2013CRE assignments completed by HFF alongRoute 128 over the past two months, withthe most recent involving Co-ManagingDirector Coleman Benedict, DirectorBenjamin Sayles and Senior Analyst MarkRePrintsMarket | Inform | Support Your ClientsConsidered one of the most respected independentjournals in CRE News, a reprinted article brandishesyour corporation and clients with quality and credibility.With Reprints from The Real Reporter, you showcaseyour company, your clients, your deals, or theexecutive on your team.We reformat the page and deliver the high- resolutiondocument, then grant permission for unlimited use.To have an article reprinted contact:reprints@therealreporter.com617.692.2997 | therealreporter.comCampbell. The centerpiece was helpingEquity Office divest Riverside Center inRoute 128 Central for a mind-numbing$197 million—a suburban Boston record$386 per sf—when bought by Hines GlobalREIT in early April. Sandwiched betweenthose two was the $12.1 million exchangeof a three-story Boston Sports Club onCommerce Way in Woburn. That $12.1 milliontrade was between seller NationalDevelopment and Realty Income Corp.involving a five-year old building totaling33,900 sf in the Metro North CorporateCenter along Interstate 93.Carey REIT II Inc. is a newly formedreal estate investment trust following lastyear’s merger of W.P. Carey and a competitor.The firm is now marking its 40thanniversary, during which time it hasdeveloped expertise in build-to-suit andsale/leaseback financing structures. n

22 THE REAL REPORTER June 7, 2013CBA Eyes Cambridgecontinued from page 4new millennium, with 500,000 sf build-tosuitproduct. “So in the last 12 years we’vehad 300,000 sf of uncommitted officespace delivered in the hottest tech marketin the country – about 25,000 sf per year”outlined Winters. By contrast, there hasbeen about 4.5 million sf of lab space builtin the last 12 years.As a result of the lack of constructionand expansion of tech giants like Amazon,Google and Microsoft, there has been apronounced spike in rents, with Class Arents up 10 to -20 percent in KendallSquare and Class B rents up 35 to 40 percentover the last 12 months, according toWinters. But there are other implicationsbeyond rent increases, including a shift intenant behavior when seeking alternativesto Kendall. “We’re seeing tenants thinkingdifferently these days and looking at submarketsthat would beatypical 5 to 10 yearsago (Boston’s ) BackBay, Downtown andNorth Station,” saidWinters.Another trend seenJohn OstenMark J. Wintersemerging from the lackof space is that officeusers are looking at olderexisting lab space thatthe landlord is willing toconvert to office. “Officerents have gotten to thepoint now where there’sa crossover where theeconomics are prettysimilar in terms of landlordreturn on doing an office rent inKendall Square versus a lab deal.”Lucas gave a brief overview on thestate of the booming lab market, one thathas grown from about 500,000 sf in a fewhandfuls of properties during the 1980s toan estimated 85 buildings today housing10 million sf. Inventory will soon jumpsome 20 percent when six build to suitsunder various stages of construction aredelivered to the market, space for whichall but 125,000 sf is already fully committed,making the supply limited as a reliefvalve at a time of heightened demand.“The Life Sciences end of the market isa huge driver in the commercial real estatearena,” said Lucas, but he added there are aKendall Square, Cambridge MAcouple of factors that may slow the growth– a shift in the venture capital fundingplacement and government sequestration.“Everything is not rosy and I think there area couple of storm clouds out there,” he cautionedthe packed audience. “The market inCambridge is only as healthy as the startupcommunity it is in, and there is a lack ofearly stage VC funding, so the companiesthat are the drivers of the success of theCambridge market are not being producedas they were in the past . . . and withsequestration, the National Institute ofHealth funding (may be cut), and for manyof these (companies) in Cambridge, thathas been their lifeblood.”JLL’s Osten also expressed concernthat the tech giants are blocking out traditionalstartup tenants that Cambridgeonce spun out regularly. “When aMicrosoft or Google comes to town, andpricing (for rents) is in the mid-$60’s persf, they view it as an incremental cost ofdoing business.” The veteran broker furthernoted that the big players are in othermarkets like Berlin, Hong Kong, Londonand Singapore – and that Hong Kong rentsare at $225 per sf. “So $60 in Cambridge isa relative bargain, especially with all thepositives the market has to offer.”With so many life science tenants andtheir corresponding office needs desperatelyseeking to be as close to MIT andHarvard as possible, where are smallerandmid-size tenants going to seek alternativespace? “The path to growth forCambridge for the most part is towardsNorthpoint,” said Osten of an emergingdistrict near North Station. The panelappeared mostly in agreement, despitereservations that some might have withthe Green Line public transportation versuswhat the Red Line has to offer (Davis,Kendall and Harvard Squares plusDowntown Boston) for the millennialworkforce.Other inner suburban alternativesinclude Allston and Brighton (whichHarvard is investing in significantly alongwith the 1.5 million sf of mixed-use propertythat New Balance is developing) andAssembly Row in Somerville. “FederalRealty (developer of Assembly Row) doesa great job of city-building, and I think it’sgoing to surprise some people,” saidWinters. “They’re going to land a couple oftenants to kick off that project.”After the panel discussion, Boyle toldthe Real Reporter that the series, dubbed“The Real Deal” will continue in Septemberwith a presentation on the suburbs thatwill again feature veteran brokers in anunscripted format. “We just want to dosomething that provides an insider’s look, abroker’s view of what’s happening to (feature)the knowledge and experience thatwe have in the Commercial Broker’sAssociation,” said Boyle, future observingthat the intent is “to get down into it andtalk about what particular tenants aredoing, what the real concessions are andwhat’s happening in the future.” n

June 7, 2013 THE REAL REPORTER 23Weathering Stormcontinued from page 1Harbor Association. Li’s organization prepareda report in conjunction withScholarWorks of UMass Boston appropriatelyentitled “Preparing for the RisingTide”. Li led off the meeting citing findingsfrom the report that paint a best-case scenarioon sea-level rise, but the conclusionsare still dire, with a minimum of 2.5 feet ofrise by the end of the century anticipated(with a possibility of a six foot rise). Shealso reminded the audience that “we werevery lucky in the Boston area, unlike NewYork and New Jersey.” If Sandy had hitBoston 5.5 hours earlier when it was hightide, said Li, at least 6.5 to 7 percent of thetotal land mass would have been affected,and would have included the six waterfrontneighborhoods of Boston, including theHarbor Islands. Thedamage would havebeen equivalent to thatof a 100 year flood.Alfred B. Scaramelli,Senior VP at BeaconCapital Partners, LLCDavid Begelferthen showed whatappeared to be still shotsfrom a disaster movie,primarily involving hisfirm’s 36-story, 1.1-million-sfoffice tower locatedon the East River inManhattan. The buildingwas knocked offline for42 days post-Sandy, tookon 11 million gallons ofAlfred B. Scaramelliwater (45 feet deep in its undergroundparking garage), suffered 80 percent waterintrusion, lost half of its electrical switchgear, and saw 30,000 sf of retail completelywiped out. After the program, Scaramelli reiteratedLi’s point for The Real Reporter. “Ifthe storm had hit Boston eight hours later(the next high tide cycle), I don’t think anyonewould have been prepared, and I don’tthink anyone (in Boston) knows that.”Scaramelli then detailed the painful andexpensive restoration process undertakenby Beacon and laid out a “Lessons Learned”presentation that included the importanceof extensive owner engagement (no thirdparty property manager); a pre-existingagreement with a recovery company; makingsure that your MEP engineering firmhas a thorough understanding of the building;and to keep hard copies of the plans atthe building and in the engineering office,as electronic communications are often afirst casualty of disasters.John Brandstetter, Managing Director ofThe Brandstetter Group, then delivered asegment on “Developing an EmergencyRestoration and Recovery Plan,” which usedthe tagline: Risk is Mitigated, Chaos isManaged. Brandstetter began by showingphotos of a building (200 West St.) with anextensive sandbag system in place beforeSandy hit and asked the audience, “Wouldyou have spent $1 million on this plan? If youdid, you would have had your building backonline in four days.” Brandsetter then laidout a comprehensive recovery plan in shortorder covering everything from tenants andinsurance (“your insurance is not yourentire risk mitigation plan”) to security,communications systems and vendors.Katharine Bachman, Senior Partner atWilmerHale, handled the legal aspects of disasters,advising the gathering, “When thestorm hits, look to the lease.” Landlord andtenant responsibilities for insurance, repairs,service interruptions, and casualty arespecifically addressed in most commercialleases, she explained. And tenants may findrent abatement and termination remedies ifutilities are compromised for extended periodsof time or if the premises are renderedunusable for an extended period of time.For those that still believe that climatechange is some sort of a hoax, MichaelBalmer, VP at insurer Willis NorthAmerica laid out the impact that atmosphericchanges have had on the planetover the last few decades. Five of the 16most expensive catastrophes in world historyhave occurred in the last three yearsand 10 of the top dozen costliest hurricaneshave occurred in the last nine years.Balmer also cautions that insurers are notas likely to pay dollar for dollar on claimsanymore. “The days of your insurancecompany covering every penny are over,and policy terms and conditions are gettingnarrower and narrower.” Balmeradvised property owners to invest in costcontrol and emergency planning and intofully understanding one’s insurance coverageto diminish unpleasant surprises.Peter See, Senior VP of PropertyManagement for Boston Properties, closedout the session with a “Preparing Buildingsfor Tomorrow” segment, outlining thehomegrown REIT’s disaster preparednessplans—in particular its vulnerable AtlanticWharf asset on Boston Harbor. “A stormthat hits at high tide during a full moon iswhat we’re going to prepare for,” relayedSee, in reference to the worst case scenarioof a catastrophic storm. BP is in the processof assessing the risk for its entire portfolio,implementing many of the lessons learnedset forth by the previous panelists.At the conclusion of the program,NAIOP CEO David Begelfer told the RealReporter, “The value of today was that wehad experts who have personal experiencewith their own properties as well asconsultants who have been dealing withthem, and giving some tremendousinsights to property owners who haven’thad the opportunity to experience themselvesfirsthand. It was very different froman academic presentation.”nPhoto: Derek Szabo

24 THE REAL REPORTER June 7, 2013CT Salecontinued from page 3Heald and Bruce Lusa of the Boston officejoined Jeff Dunne and David Gavin ofCBRE’s New York Institutional Group andJohn McCormick, Pat Mulready and MikeStone of the Hartford office as agents forthe seller who also procuredthe buyer. BlueBack Square was 97percent occupied at thetime of its exchange.“We are very pleasedto have facilitated thistransaction on behalf ofNathaniel Heald Ronus Properties,”Bruce LusaChannel Centercontinued from page 1Angelone says in a pressrelease announcing theblockbuster agreement,among the largest of itstype in the region thisyear. “Starwood Capitaljumped on a greatopportunity to acquirean institutional-qualityasset that is both diversified and possessesan intrinsic competitive advantage—which together ensure the long-term successof the project,” offered Angelone inChannel Center complex to BeaconCapital Partners. That is the same localfirm that traded the property toCommonwealth founder Richard Galvin in2007, with that deal sparking a series ofoverhauls and upgrades culminating in thelandmark build-to-suit pact last summerthat will have State Street Bank Corp.relocate its headquarters to a modern 11-story, 500,000-sf mid-rise next year.“It is happening for sure,” one sourceresponded when asked whether a deal isin the works to have BCP take on at leasta portion of the multi-faceted complexforged out of a series of once-decrepit factorybuildings left over from Fort PointChannel’s waterfront heydays serving theworking port.BCP declined comment on the matter,but the firm has filed records indicating aninterest in 7-9 and 10-20 Channel Center.Supposedly, AREA is remaining an investoron the State Street property, which has virtuallyno risk thanks to a 15-year lease withthe financial services giant. Sources put thepricing in the $270-per-sf range, or about$95 million. An exact figure could not beobtained by deadline, but one marketexpert terms the deal “huge” for the dealsize and the players involved in the negotiations.Also unusual is that Commonwealth isapparently shopping AREA’s piece at itsbehest, and not turning to a local brokeragehouse such as Colliers, Cushman &Wakefield, Eastdil Secured or JLL.CBRE/New England is exclusive leasingagent for two major Commonwealth propertiesincluding Channel Center, and has aformidable Capital Markets Group. Privacymay have been a consideration, oneobserver surmised, but whatever the reason,Commonwealth has been ratherstealth on the process that at one pointreportedly was concentrated onShorenstein, a California-based investorwith a long history in Massachusetts, mostBlue Back Square, West Hartford CTassessing the positives which resulted inthe impressive pricing outcome for Ronus.Completed in 2008, Blue Back Squareoffers quality construction, efficiency inlarge retail footprints and office layouts,and a first class contemporary design“that does not exist elsewhere in the marketplace,”relays Angelone, a retailexpert. Each of the six buildings offersupscale restaurant and retail units totaling210,550 sf, with the floors above aneclectic blend of 48 apartments, 59 residentialcondominiums, plus medicaloffice and professional space. The propertyis also shadow-anchored by a WholeFoods Supermarket and several municipalbuildings, among them WestHartford’s library, police station and townhall. There is also structured parking for1,000 vehicles. nrecently paying $115 million for SeaportCenter, a large office building in the samesubmarket as Channel Center.Multiple sources insisted Shorensteinwas an early option before BCP steppedup with an acceptable offer, but that couldnot be confirmed officially. As to Beacon,the reason for diving back in after makinga handsome return the first time is simple,according to one expert. “The Seaport issuper-hot right now, and they know rentsare going to be rising big time,” says thesource who maintains Channel Center wasfavored thanks to Commonwealth’s successfulstewardship. “It’s really nicespace—he did a great job there, nodoubt,” the professional says of Galvin,who has done a similar turnaround of theformer New England Telephone headquartersin Boston’s Financial District.Under the deal with Beacon,Commonwealth will remain as a minoritypartner, with Beacon controlling the vastshare of the venture, sources convey, likelyabove 90 percent.nADVERTISING INFO: ADS@THEREALREPORTER.COM