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A Winner for Users . . . . . . . . . . . . . . . 2
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Linear Time . . . . . . . . . . . . . . . . . . . 16
NOVEMBER 22,
NOVEMBER
26,2013
Beacon Cashing Out $390M Stake in
One Financial to Norwegian Capital
B
THE REAL REPORT
Sleeper Cycle
BY JOE CLEMENTS
OSTON — Norwegian oil money is
flowing its way towards One
Financial Center, industry sources
are telling the Real Reporter in claiming
Beacon Capital Partners is divesting its
50 percent interest in the 46-story office
tower that sits across from South Station.
Pricing on the agreement is unclear, but
observers predict it will prove among the
most expensive CRE exchanges in New
England this year, with Beacon having
spent $390 million in Sept. 2007 to
One Financial Center, Boston MA
continued on page 15
Colliers Gets 1900 Crown Colony Nod
Q
51 Sleeper St., Boston MA
BY JOE CLEMENTS
UINCY — There are plenty
of reasons investors will
take a hard look at 1900
Crown Colony, predicts Colliers
International principal Lisa M.
Campoli, whose Capital Markets
team is marketing the 129,000-sf
Class A office building for
Arbella Insurance, among its
selling points the pedigree of a
continued on page 21 1900 Crown Colony, Quincy MA
Campanelli Lands First Heritage Tenants
Coleman Benedict
Ben Sayles
Q
BY JOE CLEMENTS
UINCY — Some insurance
reptile promises 15 minutes “could” slash hundreds of dollars on car insurance, but Campanelli has a far
more lucrative proposal for
companies shell-shocked by
soaring urban office rents—
and they do not even need an
automobile to cash in on the
offer. As the Braintree-based
BOSTON — For a non-descript, renovated warehouse set on a half-acre of
landfill from the Great Boston Fire
of 1872, 51 Sleeper St. is getting
plenty of attention these days, its
main selling point being at the gateway of the Hub’s booming Seaport
District, and that strong suit is
spurring the asset’s sale for the seccontinued on page 7
Two Heritage Dr., Quincy MA
continued on page 20
THE REAL REPORTER
2
November 26, 2013
Maric Hires BRA Team to
Market A Street Property
Our best work goes unnoticed.
And that’s the way we like it.
At Janitronics, we deliver services so thorough that our clients
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130-150 A St., Needham MA
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EEDHAM — The former Gold’s Gym at 130-150 A St. is hardly a work of art visually and is presently vacant, but that does
not keep Boston Realty Advisors principal Jeremy A. Freid
from dreaming of a similar outcome to the 39,600-sf building as
occurred in two prior trades handled in the Newton/Needham
submarket by the Boston-based brokerage firm over the past year.
One yielded $210 per sf and the other $285 per sf, pricing normally reserved in suburban communities for larger,
stabilized product, notes Freid, an SIOR who
says the likely buyer will also have a similar tale
10:01 AM
as those purchasing 145 Wells Ave. and 96
Wells Ave., i.e. an entity looking to own their
space versus rent.
“We do expect this will appeal to users,”
conveys Freid this past week in confirming
Maric Inc. has retained his group to peddle the
Jeremy A. Freid
53-year-old structure that the Needham-based
investor bought in June 2011 for $3.29 million,
deemed surplus real estate by then-owner
Normandy Real Estate Partners, but a property principal Mark H. Rubin told the Real
Reporter at the time that he had great hopes
for in an improving Route 128/Massachusetts
Turnpike office market.
Adam T. Meixner
That vision has proven true, relays Freid,
citing figures showing positive net absorption over the past four
quarters in that area, including 574,000 sf spoken for in the second
quarter, lowering the vacancy rate to 12.1 percent and fueling a
spike in rents of 7.2 percent from the previous quarter. In its summary, BRA maintains quoted rental rates will continue to rise “well
into 2014 while leasing concessions such as free rent and larger
improvement allowances will tighten up.”
Considering the prior deals occurred in more favorable conditions to lease space, Freid maintains users will be even more
motivated given signs the five-year run of tenant power appears
continued on page 22
Your Property
Our Financing
Commercial Real Estate Finance
Andy Gnazzo
Senior Vice President
Multifamily Finance
agnazzo@walkerdunlop.com
(781) 707-9354
Mike Darling
Senior Vice President
Multifamily Finance
mdarling@walkerdunlop.com
(781) 707-9428
Christopher Rumul
Vice President
FHA Finance
crumul@walkerdunlop.com
(781) 707-9466
Ellen Kantrowitz
Senior Vice President
FHA Finance
ekantrowitz@walkerdunlop.com
(781) 707-9309
www.walkerdunlop.com
California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight.
THE REAL REPORTER
4
November 26, 2013
Marlborough Village Plaza Sale Yields $5.6M
M
ARLBOROUGH — A mixed-use
commercial property along Route 20
has changed hands for $5.67 million
in a deal negotiated by TRB & Associates
principal Thomas R. Blakely. Marlborough
Village Plaza includes a quintet of buildings featuring office and
retail space on 4.5 acres
at a signalized intersection.. East Boston
Savings Bank financed
the buyer, Maldenbased
Marlborough
Village Plaza LLC, via a
Thomas R. Blakely $4.25 million mortgage.
Blakely declined to discuss terms of
the transaction, but the CCIM-designated
retail professional says in a press release
announcing its conclusion that he is “very
pleased to have been retained by ownership to provide commercial real estate
brokerage services on an exclusive basis.”
Lincoln-based TRB & Associates worked
in cooperation with Everest Realty to
secure the buyer, an entity managed by
Salvatore Gilsano.
Marketing materials
promoting the infill property that sits at a lighted
intersection cites “terrific
signage” on a roadway
where 24,000 vehicles
traverse by each day, one
reason the corridor is an
established business and
shopping corridor featuring several top retailers
such as Burger King and
Walgreens, the latter situated directly across
Route 20 from 488-530 Marlborough Village Plaza, Marlborough MA
Boston Post Rd., the assemblage acquired 2000, with the 500 Boston Post Rd. piece
tied up for $1.12 million in Dec. 2001.
in the exchange.
The Marlborough sale continues an
Prior to the sale, Marlborough Village
Plaza had been held through the new mil- active 2013 for retail investment activity,
lennium by Gilda Cordone Realty TR, a with exchanges increasingly occurring outMassachusetts-based entity whose princi- side the Route 128 beltway where
pals are Gaetano Cordone and Gilda investors have focused activity since the
Cordone, according to Registry of Deeds harsh 2008 recession. It is unclear whether
records. All but a 39,000-sf parcel at 500 any changes are planned at Marlborough
Boston Post Rd. had been purchased by Village Plaza or terms of either the trade or
n
the Cordones for $3.26 million in Oct. EBSB’s loan for Gilsano.
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THE REAL REPORTER
November 26, 2013
T
5
RED LINE
ACCESS?
WE’VE GOT THAT.
NAIOP/SIOR Annual Review and 2014 Forecast, Boston MA
NAIOP/SIOR Annual
Forecast Draws 350
BY MIKE HOBAN
B
OSTON — The NAIOP/SIOR Annual Market Review and
2014 Forecast held this past Wednesday at the Seaport
Boston Hotel drew its typical packed audience, yet despite
continuing growth in the economy and strong industry fundamentals, optimism coursing through the presentation bore a muted
element in stark contrast to last year’s program
that was juiced with unbridled enthusiasm and
a mantra of “Boston’s Back!’ This year’s edition
delivered similar encouragement, albeit in a
calmer, more introspective format chalk full of
telling facts and trends on the industrial, lab,
office and investment sales landscape heading
into the final stretch of 2013.
John Barry
Moderated by NAIOP Massachusetts CEO
David Begelfer, program experts featured
included
John
Barry,
partner
at
Transwestern/RBJ (Downtown Office); Jones
Lang LaSalle Managing Director Alex Dauria
(Suburban Office); Bob Gibson, partner at
CBRE/New England (Industrial); Sarah
Lagosh, director at Eastdil Secured (Capital
Markets); and Cassidy Turley principal Ted
Sarah Lagosh
Lyon (Cambridge Office & Lab).
Keynote speaker Douglas M. Poutasse kicked off the proceedings delivering his own “relatively optimistic” economic
overview by stating, “With regards to the state of the economy,
there is nothing to fear but fear itself, except of course, the Fed”
(that caveat was downgraded later in his dissertation.) in a halfhour talk where the head of research and strategy for Bentall
Kennedy provided an upbeat view of the developing economic
picture, with Boston seen poised for continued growth.
5,000-358,000 SF
NOW LEASING
N O R T H Q U I N C Y, M A
www.heritagelandingma.com
FOR LEASING INFORMATION, PLEASE CONTACT
MICHAEL FRISOLI, MATTHEW MORGAN,
DAVE MARTEL OR JASON ROTH
617.330.6966
continued on page 18
3.75x9.625_PRINT_AD.indd 1
9/26/2013 2:03:08 PM
THE REAL REPORTER
6
November 26, 2013
Integrated Founder a Real Change Artist
BY MIKE HOBAN
R
OCKLAND — As president of
Integrated Builders, Jay Dacey
knows a bit about re-positioning, but
not only because it is a leading strength of
construction
REAL PROFILE his
management company that has helped
breathe new life into
commercial properties throughout New
England. Dacey also
gained those insights
through the perambulations along his
own career path
I sort of merged a prior to co-founding
Riverview Technology Park, Tewksbury MA
Integrated in 1992.
college degree,
Dacey
began crete? “In 1981 there was a recession and
pouring concrete, and
framing with some familiarizing himself it was an available job for me to go to,”
management skills. . . with the concept of Dacey explains in a recent interview,
repositioning coming recounting his first job was on the Copley
out of college in 1981 Place project from 1981 to 1983 with
JAY DACEY
with a degree in mar- Turner Construction. “I did that for a couketing when he took that education and ple of years before realizing that I didn’t go
fast-tracked it right into – pouring con- to school so that I could pour concrete for
“
”
the rest of my life, and I couldn’t get into
the field engineering at Turner without a
civil engineering degree, so I went to New
Zealand to play rugby for a year,” he says
of the peripatetic process that followed.
After being down under for a bit, he
returned home, and after framing houses
&TREMBLAY
HORVATH
continued on page 23
Bob Horvath
Vice President Investments
Director – National Retail Group
MA Tel: (781) 373-7123
CT Tel: (203) 672-3324
rhorvath@marcusmillichap.com
Todd Tremblay
Top Agents in the Boston Office
for Marcus & Millichap
Specializing in the Sale of
Multi-Tenant Retail and
Single Tenant Net Leased Properties
Investment Assets Sold:
Associate Vice President Investments
Director – National Retail Group
MA Tel: (781) 373-7120
ttremblay@marcusmillichap.com
Dennis Kelleher
Investment Advisor
Tel: (781) 373-7124
dkelleher@marcusmillichap.com
Leigh Shepard
Brokerage Administrator
Tel: (781) 373-7126
lshepard@marcusmillichap.com
November 26, 2013
THE REAL REPORTER
7
PRIME OFFICE CONDOS
Riaz Cassum
FOR SALE OR LEASE
UNIVERSITY BUSINESS CENTER
Seaport District, Boston MA
Lauren O’Neil Goff
The Real Report
continued from page 1
ond time in barely a year. Listed through Holliday Fenoglio
Fowler, the 150,000-sf office building that DivcoWest purchased
for $48.2 million on Nov. 26th, 2012, is expected to approach $60
million in a deal with TIAA-CREF that sources predict will close
in mid-December.
“They do have that,” one industry veteran conveys of TIAACREF’s rapid-fire agreement that concluded “a feeding frenzy”
of demand, according to another market professional tracking
the negotiations who further describes the market reaction as
“absolute craziness on how much attention it got,” with others
said to be competing in the same lofty sphere pegged in the
$400-per-sf range.
In winning the day, TIAA-CREF is beefing up a portfolio long
salted by metropolitan Boston real estate, its current trophies
including 33 Arch St. in the city’s Financial District and nearby
40 Broad St., a “jewel-box” office building acquired for $110.0
million this spring in a deal brokered via Jones Lang LaSalle.
Fifty One Sleeper St. is a familiar assignment to the HFF
Capital Markets group, having helped Brickman harvest it last
year for $48.2 million after that New York-based firm paid $45.0
million in May 2007. The recipient of those funds was the Mayo
Co., with owner John McGrail landing 51 Sleeper St. for a mere
$17.0 million in Feb. 2005 following the building’s foreclosure two
months prior. Before that point when a weak office market and
overleveraged CMBS loan gave 51 Sleeper St. a momentary pause,
the McCourt Co. had held the structure since paying $19.7 million in Dec. 1997.
Having reaped their fortunes on the Seaport District’s emergence from a gritty back-office fringe submarket to one of the
country’s most desirable venues, the McCourt surrender of 51
Sleeper St. was a rare bump in its road, and that as well for the
building that dates to 1929 and had prior to McCourt’s involvement been a Class B property leased for many years to governmental users. Construction of the new Northern Avenue bridge
outside its front door—not to mention a new Northern Avenue as
well—has been among the positive changes that observers insist
continued on page 23
19-33 Needham Street - Newton, MA
OWN OR LEASE > OFFICE SPACE
$/-).!.4 ,/#!4)/. s 2!2% /00/245.)49
19–33 Needham Street provides business owners with the opportunity to Buy or Lease office condos ranging in size from 1,211 Sq.
Ft. up to 32,000 Sq. Ft. A majority of the available units are in the
main building while there is a freestanding 4,300 Sq. Ft. building
on-site as well.
Needham Street offers an abundance of amenities, including
shopping, banking and dining.
Exit 19A off I-95/Route129
Office / Flex / Retail / Medical
Main Bldg: 45,945 sq. ft. s Freestanding: 4,304 sq.ft
Masonry / Steel Structure
Loading Available s Clear Height 8’ to 10’9”
Electric: NStar s Natural Gas: NStar
Municipal: Water / Sewer
CONTACT
ADAM T. MEIXNER
Managing Director
JEREMY A. FREID
SIOR, Partner
JORDAN B. SNEIDER
Associate
617.850.9660
617.850.9602
617.850.9611
ameixner@bracommerical.com jfreid@bracommerical.com jsneider@bracommerical.com
www.19needham.com
THE REAL REPORTER
8
November 26, 2013
Commercial Deals
MILLION DOLLAR MORTGAGES/SALES NOVEMBER 12 - NOVEMBER 15, 2013
NOV 15TH
MTG: $14,000,000 from Georgia’s Own CU
ADD: 371-385 Market St., Brighton
BWR: 375 Market Street LLC, managed by
Jeffrey M. Feuerman
NOTES: Borrower acquired property for $1,500,000
in June 2010; former Boston Carpenter’s Union
Training Center site in Brighton Center
BUYER: UMNV 125 Newbury LLC, managed
by Novaya Ventures and Urban Meritage
SELLER: 125 Newbury Property LLC, managed
by John J. Driscoll
PRICE/ADD: $10,050,000; 125 Newbury St., Boston
NOTES: Mixed-use property, constructed 1899,
renovated 1982; building size is 9,000 sf, lot
size is 2,700 sf; see related sale this date below
BUYER: 125 Newbury Property LLC, managed
by John J. Driscoll
SELLER: Newbury RB LLC, mgd. by Richard Byrne
PRICE/ADD: $9,450,000; 125 Newbury St., Boston
NOTES: Mixed-use property, constructed
1899, renovated 1982; building size is 9,000
sf, lot size is 2,700 sf; last sold for $6,864,000
in Feb. 2008; see related sale this date above
MTG: $8,600,000 from People’s United Bank
ADD: 900 Middlesex Tpk., Billerica
BWR: Middlesex Technology Center Associates
III TR, managed by the Gutierrez Cos.
MTG: $5,200,000 from Eastern Bank
ADD: 39 Sprague St. and 59 Sprague St.,
a/k/a 31 Industrial Dr., Hyde Park
BWR: Ocular Realty LLC, mgd. by Joseph Pizziferri
MTG: $5,200,000 from JPMorgan Chase Bank
ADD: 655-735 Page Blvd., Springfield
BWR: Ameristar Casino Springfield LLC, managed by Carlos A. Ruisanchez
MTG: $2,300,000 from TD Bank
ADD: 4 Greenway Ct., Brookline
BWR: 4 Greenway Court LLC, managed by
Avidan Edelsberg
Photo: Derek Szabo
BUYER: Princeton Plaza LLC, managed by
Princeton Properties
SELLER: Princeton Plaza LP, managed by
Princeton Properties
PRICE/ADD: $17,200,000; 145 Post Office
Square, a/k/a 1 and 3 River Pl.,* Lowell
MTG: $16,125,000 from Massachusetts
Housing Finance Agency
NOTES: Multifamily property, constructed 1973;
a/k/a River Place Towers; three buildings totaling
352,625 sf, lot size is 7.2 acres; last sold for
$16,443,614.09 in Sept. 1996; *instrument is structured as a ground lease with the Massachusetts
Housing Finance Agency dating to Dec. 1971
MTG: $2,200,000 from Eastern Bank
ADD: 26-30 Fleet St., Boston
BWR: Donato F. Pizzuti
BUYER: Hillcrest Mobile Home Tenants Assn
Inc., managed by John Cormier, president; and
Jane Robbins, treasurer
SELLER: Morgan MHP Mass LLC, f/k/a Hillcrest
MHC LLC, Pittsford NY, mgd. by Robert Morgan
PRICE/ADD: $2,000,000; 79 E Grove St.,
Middleborough
MTG: $1,816,364 from Resident Ownership
Capital LLC, d/b/a ROC USA Capital
NOTES: Mobile home park; lot size is 9.2
acres; last sold for $1,500,000 in June 2002
BUYER: Union 2 Associates LLC, managed by
Harold Brown
SELLER: Gerardo I. Fabrizio and Carlo
Maugini-Hansen
PRICE/ADD: $1,900,000; 2 and 3-4 Union
Sq. and 16-18 Everett St., Somerville
NOTES: Mixed-use properties; 2 Union Sq. a
retail property, constructed 1910; building size
is 5,625 sf, lot size is 15,675 sf; sellers’ family
ownership dates to May 1980; 3-4 Union Sq.
and 16-18 Everett St. lot size totals 12,200 sf;
sellers’ family ownership dates to Oct. 1979
BUYER: Nehemiah LLC, managed by Eric
O’Brien, O’Brien Commercial Properties
SELLER: D.E.A.K. Corp., managed by Andrew H.
Rines, president; Richard P. Desharnais, treasurer
PRICE/ADD: $1,836,500; 37 Ayer Rd., Littleton
MTG: $1,569,200 from North Middlesex
Savings Bank
NOTES: Industrial property, constructed 1986;
building size is 37,550 sf, lot size is 7.4 acres;
last sold for $925,000 in March 1993
MTG: $1,822,500 from Georgetown Bank
ADD: 14 Cawfield St., U-1; 30 Cobden St., Units
1 and 3; 18 Fifield St., U-2; 314 Kittredge St,
Units 1 and 4; 15 Lafield St., U-3; 69 Moreland
St., U-2; 8 Nelson St., 1543-1545 River St., U-3;
42 Theodore St., U-1; and 61 Woodbine St.,
Boston and 89 Summer St., U-2, Walpole
BWR: TS Land Trust LLC, managed by
Christopher Anderson and Kurt Stenhouse
BUYER: Robert Sennett
SELLER: 100 Wearguide Holdings LLC, managed by CWCapital Asset Management LLC
PRICE/ADD: $1,600,000; 100 Wearguide Dr.,
Hanover
NOTES: Ind. property, const. 1978; building size is
200,800 sf, lot size is 13.5 acres; seller foreclosed
on prop. in March 2011 for consideration of
$2,100,000; prior sale of $10,850,000 in May 2006
MTG: $1,500,000 from Beverly
Cooperative Bank
ADD: 54 Havelock St., Malden
BWR: Property Acquisition Group LLC, managed by Michael Diplatzi
MTG: $1,400,000 from East Boston SB
ADD: 71-37 Coburn St., Lynn; 434, 436 and
449 Revere Beach Blvd., Revere; and 215
Court Rd., Winthrop
BWR: LeonardBernard LLC, Oceanpass LLC, Samantha
Rob LLC & William Robin LLC, all mgd. by Harry Pass
BUYER: 46 Pine Grove Nominee TR
SELLER: GS Real Estate Management Co.,
managed by Vladislav Vilkomir
PRICE/ADD: $1,369,000; 46 Pine Grove St.,
Needham
continued on page 9
THE REAL REPORTER
November 26, 2013
9
Commercial Deals
MILLION DOLLAR MORTGAGES/SALES NOVEMBER 12 - NOVEMBER 15, 2013
continued from page 8
NOTES: Single-family, const. 1895; house size is
1,575 sf, lot size is 14,800 sf; three bdrms. and 1.5
baths; prop. last sold for $506,000 in April 2013
MTG: $1,300,000 from Digital Federal CU
ADD: 2 Jaques St., Somerville
BWR: 2 Jaques Street LLC, mgd. by Daniel Dillon
BUYER: 1027 Tremont Street LLC, managed by
Parviz Sanieoff
SELLER: 1027 LLC, managed by Ramesh Izedian
PRICE/ADD: $1,200,000; 1027 Tremont St., Boston
MTG: $840,000 from Cambridge Trust Co.
NOTES: Mixed-use property, const. 1900, renovated 1999; building size is 2,500 sf, lot size is
1,000 sf; last sold for $147,500 in Aug. 1998
NOV 14TH
MTG: $26,900,000 from Commerce B&T Co.
ADD: 75 Brainerd Rd., Allston
BWR: 75 Brainerd Road LLC, managed by the
Mount Vernon Co.
BUYER: Lagoon Pond LLC, managed by
George J. Rogers and Sheryl Roth Rogers
SELLER: Geoffrey R. Banfield, Barbara A.
Maciel, Robert E. Maciel and Steven Maciel
PRICE/ADD: $4,500,000; 0, 80 and 100
Lagoon Pond Rd., Tisbury
MTG: $200,000 and $5,400,000 from
Martha’s Vineyard Savings Bank
NOTES: Mixed-use properties, residential and
commercial, acquired at various times by sellers; *mortgage also covers 32 Herring Creek
Rd., Edgartown; and 99 Kennebago Ave. and7,
16, 46, 63, 68, 74 and 80 Rustling Oaks Rd.,
West Tisbury
MTG: $3,350,000 from TD Bank
ADD: 68 Providence Rd., Sutton
BWR: S. Ralph Cross and Sons Inc., managed
by Jay S. Kumar
MTG: $2,700,000 from Avidia Bank
ADD: 435,446-456 and 470 and 481
Lancaster St., Leominster
BWR: Gateway Business Center LLC, managed
by Steve Boucher
MTG: $2,310,300 from TD Bank
ADD: 337 and 355 State Rd., Tisbury
BWR: J. Bruce MacGregor, trustee of Martha’s
Vineyard Sun Nominee TR
Photo: Derek Szabo
MTG: $1,300,000 from East Boston SB
ADD: 58 Southern Ave., 79 Waldeck St., and
16-18 Wilcock St., Dorchester; and 113-115
Babson St., Mattapan
BWR: 16-18 Wilcock Street LLC, managed by
Peter J. McLoughlin
NOV 13TH
MTG: $13,000,000 from Blue Hills Bank
ADD: 150 Mt. Vernon St., Boston
BWR: Bayside Merchandise Mart SPE LLC,
managed by Corcoran Jennison Co.
BUYER: Merrimack Special Education Collaborative
SELLER: Merrimack Education Center Inc.,
managed by Antony Walker
PRICE/ADD: $3,260,000; 40 Linnell Cir., Billerica
NOTES: Industrial/flex property, constructed
1980; building size is 40,920 sf, lot size is 2.7
acres; last sold for $2,500,000 in July 2005
MTG: $2,880,000 from HarborOne Bank
ADD: 44 Campanelli Pkwy., Stoughton
BWR: Stoughton Industrial LLC, managed by
High Street Equity Advisors
BUYER: 315 Broadway LLC, mgd. by Young Lee
SELLER: David E. Blumsack, Gerald A. Gerson,
Cynthia R. Gilman, and Richard D. Gilman
PRICE/ADD: $2,200,000; 315-329 Broadway
St, and 18 Temple St., Somerville
MTG: $1,100,000 from Bank of New England
NOTES: 315-329 Broadway an office property,
constructed 1920; building size is 9,650 sf, lot
size is 26,125 sf; sellers’ family ownership in
property dates to Feb. 1957; 18 Temple St. a
land parcel; lot size is 7,400 sf; sellers’ family
ownership in property dates to Feb. 1971
BUYER: SR II Ventures LLC, managed by Sean
E. McEntee and Michael Viano
SELLER: Richard A. Gelerman, trustee of the
Buttimer Family TR
PRICE/ADD: $2,430,000; Lot A, B, C, and D,
North Street, Walpole
MTG: $2,500,000 from Anthony J. Prevett
NOTES: Land parcels; lot size is 72.5 acres; seller’s
family ownership in property dates to Oct. 1973
MTG: $1,590,000 and $2,153,000 from
Needham Bank
ADD: 894 and 906 Greendale Ave., Needham
BWR: Greendale Village LLC, managed by
Geoffrey Engler and Robert Engler
BUYER: Middlesex Investment Partners LLC,
managed by Christian Senna
SELLER: Stoneham Savings Bank, managed by
Jeffrey A. Worth, Chief Operating Officer
PRICE/ADD: $1,785,000; 335 Main St.,
Stoneham
MTG: $1,260,000 from Rockland Trust Co.
NOTES: Office property, constructed 1962;
building size is 11,400 sf, lot size is 23,125 sf;
last sold for $1,275,000 in Oct. 2000
MTG: $1,200,000 from Brookline Bank
ADD: 1 Hollis St., Wellesley
BWR: One Hollis Street LLC, managed by
Ronald P. Labadini
MTG: $1,024,000 from Middlesex Savings Bank
ADD: 208 South Main St. and 0-10 Maple St.,
Attleboro; 74 Gould Rd., Charlton; 255
Furnace St., Marshfield; and 132, 135, 141,
and 145 Oak St. and 68 Wellesley Rd., Natick
BWR: Saint Mark Coptic Orthodox Church of
Boston, managed by Sherif Sidhom
NOV 12TH
BUYER: Brighton Partnership for Community
Reinvestment LLC, managed by Merrill Diamond
SELLER: City of Boston
PRICE/ADD: $100.00; 1501 Commonwealth
Ave., Brighton
MTG: $13,920,000 from Brookline Bank
NOTES: Tax-exempt property, constructed
1964; building size is 31,850 sf, lot size is
31,325 sf
continued on page 14
THE REAL REPORTER
10
November 26, 2013
Residential Deals
MILLION DOLLAR MORTGAGES/SALES NOVEMBER 12 - NOVEMBER 15, 2013
NOV 15TH
BUYER: Christine Pratt
SELLER: Frank J. Wezniak
PRICE/ADD: $3,997,500; 4-5 Arlington St.,
U-3, Boston
MTG: $2,998,125 from Bank of America
NOTES: Unit in low-rise condominium; unit
size is 2,625 sf; four bedrooms and four baths;
unit last sold for $1,200,000 in June 1995
BUYER: Graig Fantuzzi and Jacqueline Fantuzzi
SELLER: Alan P. Matthews
PRICE/ADD: $3,950,000; 111 Pembroke St., Boston
MTG: $2,000,000 from Mortgage Equity Partners
NOTES: Two-fam. Rowhouse, const. 1890; bldg.
size is 5,000 sf, lot size is 1,500 sf; last sold for
$2,999,999 in July 2004; Declaration of Homestead
BUYER: Gayane Ebling and Thomas Ebling
SELLER: Two Greeks LLC, mgd. by Peter Georgantas
PRICE/ADD: $3,500,000; 512-518 Tremont
St., U-3, Boston
NOTES: New unit in low-rise condominium; unit
size is 2,500 sf; two bedrooms and 2.5 baths
BUYER: Edward McGrath & Michele Green McGrath
SELLER: Suzanne Hurley and William Hurley III
PRICE/ADD: $3,300,000; 8 Seal Cove Rd, Hingham
NOTES: Single-family Colonial, constructed
1965; house size is 3,925 sf, lot size is 1.9
acres; three bedrooms and four baths; last sold
for $275,000 in June 1981
BUYER: Sarah F. Alger, trustee of 60 Fair Street
Nominee TR
SELLER: Debra B. Treyz
PRICE/ADD: $3,166,250; 60 Fair St., Nantucket
NOTES: Single-family Colonial, constructed
1843; house size is 3,450 sf, lot size is 4,475
sf; five bedrooms, five baths and two halfbaths; last sold for $1,465,000 in Jan. 2005
BUYER: Emily Shanahan & Kearney Shanahan
SELLER: Christopher Bartel and Darcey Bartel
PRICE/ADD: $2,080,000; 8 Glen Brook Rd.,
Wellesley
NOTES: Single-family Colonial, constructed
2003; house size is 7,175, lot size is 26,000 sf;
six bedrooms, five bathrooms and three halfbaths; last sold for $2,345,000 in Feb. 2008;
Declaration of Homestead
BUYER: Michele Ryan
SELLER: Harvest Homes Inc., managed by
Robert K. Lee
PRICE/ADD: $2,000,000; 4 Hidden Rd., Weston
NOTES: Single-family Colonial, constructed 2008;
house size is 5,800 sf, lot size is 39,650 sf; four
bedrooms and 5.5 baths; property last sold for
$750,000 in Feb. 2006; Declaration of Homestead
An imposing brick Mansion at 451 Wellesley St. in Weston has traded for $3,900,000 in its purchase by
Xiaolei Gu from Alexander A. Zecca and Laura Zecca, owners since paying $4,450,000 in March 2007.
Centering the 5.6-acre estate where it sits, 451 Wellesley St. features five bedrooms and 6.5 baths in its
expansive 12,150-sf frame. The 16-year-old structure was apparently secured in an all-cash transaction.
BUYER: John W Wolfe and Laura A. Wolfe
SELLER: Leslie L. Tolan and Peter J. Tolan
PRICE/ADD: $1,900,000; 87 High St., Newburyport
MTG: $1,400,000 from Institution for
Savings In Newburyport and Its Vicinity
NOTES: Single-fam. Antique, const. 1799; house
size is 5,700 sf, lot size is 31,375 sf; four bdrms. and
4.5 baths; last sold for $1,575,000 from June 2006
BUYER: Jennifer Bentley and Braden Houston
SELLER: Jane Fischberg, trustee of the Bruce
Fischberg TR
PRICE/ADD: $1,850,000; 10 Burnham Rd., Newton
MTG: $1,837,500 from The Village Bank
NOTES: Single-fam. Colonial, const. 1915; house size
is 4,800 sf, lot size is 17,900 sf; six bdrms. and three
baths; seller’s family ownership dates to June 1965
BUYER: Carl William Loui Eriksson and
Micaela Jill Gabriella Kanold
SELLER: Adam M. Hirsch and Rachel H. Hirsch
PRICE/ADD: $1,850,000; 50 Commonwealth
Ave., Units 704 and 705, Boston
MTG: $1,100,000 from First Republic Bank
NOTES: Two units in mid-rise condominium:
U-704 size is 1,200 sf; two bedrooms and two
baths; U-705 size is 850 sf; two bedrooms and
one bath; units last sold for 1,525,000 in July
2010; Declaration of Homestead
BUYER: Helen Claire West and Jason T. West
SELLER: Haden R. Guest and Maria V.
Rondeau, f/k/a Maria V. Guest
PRICE/ADD: $1,800,000; 30 Walker St., Cambridge
MTG: $180,000 from USAlliance Federal Credit
Union and $1,440,000 from Mortgage Network
NOTES: Single-family, constructed 1886; house
size is 2,225 sf, lot size is 3,950 sf; five bedrooms and two baths; last sold for $1,190,000
in Feb. 2007; Declaration of Homestead
MTG: $1,686,870 from President and
Fellows of Harvard College
ADD: 260 Franklin St., Newton
BWR: Einer R. Elhauge and Julia L. Elhauge
BUYER: Beth Brandtner
SELLER: Gary Lazarus and Monte Levin
PRICE/ADD: $1,600,000; 4 Monument Sq.,
U-2, Boston
NOTES: Unit in low-rise condominium; unit
size is 1,775 sf; three bedrooms and 1.5 baths;
unit last sold for $915,000 Nov. 2011
BUYER: Albert C. Martins and Mary B. Martins
SELLER: Warren Green LLC, managed by
George J. Georges
PRICE/ADD: $1,385,000; 29R Park St., U29R, Charlestown
MTG: $2,780,000 from Beverly
Cooperative Bank
NOTES: New townhouse unit; unit size is
2.625 sf; three bedrooms and three baths
BUYER: C. Steve Cioffi and Rita A. Cioffi
SELLER: Yvon Cormier
PRICE/ADD: $1,375,000; 14 Muirfield Cir.,
U-6-4, Andover
NOTES: Unit in low-rise Legends I Condominium;
unit size is 5,800 sf; three bedrooms and four
baths; Declaration of Homestead
BUYER: Steven J. Gavel and Susan M. Gavel
SELLER: Dayle Butler and Meredith Butler Jr.
PRICE/ADD: $1,345,000; 48 Carriage Way, Sudbury
MTG: $538,000 from Wells Fargo Bank
NOTES: Single-family Colonial, const. 1990; house
size is 6,050 sf, lot size is two acres; five bedrooms,
four baths and two half-baths; last sold for
$1,192,500 in Sept. 2010; Declaration of Homestead
continued on page 11
THE REAL REPORTER
November 26, 2013
11
Residential Deals
MILLION DOLLAR MORTGAGES/SALES NOVEMBER 12 - NOVEMBER 15, 2013
continued from page 10
BUYER: Jennifer LaTourette and Steven LaTourette
SELLER: Victoria C. Davis, Dayton Richards,
Deborah D. Richards, Fletcher D. Richards III,
Stephen G. Richards and Eliza R. Wemyss, Personal
Representatives of The Estate of Lucile C. Richards
PRICE/ADD: $1,345,000; 105 Herring Creek
Rd., Edgartown
MTG: $941,500 from 1st Mariner Bank
NOTES: Single-family Cape, const. 1968; house
size is 2,650 sf, lot size is one acre; six bedrooms
and 3.5 baths; last sold for $200,000 in April 1993
BUYER: Azita M. Rahbari
SELLER: John Redding
PRICE/ADD: $1,260,900; 290
Commonwealth Ave., U-13, Boston
MTG: $700,000 from Wells Fargo Bank
NOTES: Unit in mid-rise condominium; unit
size is 1,500 sf; two bedrooms and two baths;
unit last sold for $1,200,000 in Apr. 2012
BUYER: Sanjay Bhandari and Jeanie W. Lam
SELLER: Vincent R. Leo
PRICE/ADD: $1,240,000; 2 Stonefield Cir.,
Winchester
MTG: $630,000 from Mortgage Master
NOTES: Single-family Colonial, constructed
2009; house size is 3,725 sf, lot size is 10,000
sf; five bedrooms and 3.5 baths; property last
sold for $395,000 in March 1987; Declaration
of Homestead
BUYER: Kip Johann-Berkel
SELLER: Jonathan Woodard and Patricia Woodard
PRICE/ADD: $1,221,000; 40 Lawrence St.,
U-4, Boston
MTG: $976,800 from Wells Fargo Bank
NOTES: Unit in low-rise condo; unit size is 1,275
sf; two bedrooms and two baths; unit last sold for
$896,000 in Feb. 2011; Declaration of Homestead
BUYER: Ruth P. Clark
SELLER: David L. Newton and Linda D. Newton
PRICE/ADD: $1,200,000; 16 Main St., Falmouth
NOTES: Single-family Colonial, const. 1810; house
size is 2,375 sf, lot size is 10,025 sf; four bedrooms
and 1.5 baths; last sold for $300,000 in Oct. 2008
BUYER: Jamie J. Ladge
SELLER: Jeffrey E. Silver and Laura T. Silver
PRICE/ADD: $1,200,000; 141 Hampshire Rd.,
Wellesley
MTG: $960,000 from Fairway Independent
Mortgage Corp.
NOTES: Single-family Garrison, constructed
1955; house size is 3,250 sf, lot size is 31,250
sf; five bedrooms and 5.5 baths; last sold for
$725,000 in June 1996; Declaration of
Homestead
Leader Bank financing of $840,000 has enabled David A. Costabile and Peggy A. Costabile to acquire 7
Boiling Spring Ave. in Medfield from Christopher Holliman and Emily Holliman for $1,050,000. The sellers had paid that same price in July 2012 for the 4,625-sf, six-bedroom Colonial that was completed in
2007 on a 20,000-sf parcel set off Route 27 just north of Kingsbury Pond.
BUYER: Orr Homes LLC, mgd. by Douglas Orr
SELLER: Douglas D. Beattie, trustee of the
Duane Family Irrevocable TR
PRICE/ADD: $651,000; 67 Outlook Dr., Lexington
MTG: $1,151,740 from Blue Ribbon Capital
NOTES: Single-family, constructed 1950;
house size is 1,300 sf, lot size is 15,675 sf;
three bedrooms and 1.5 baths; seller’s family
ownership in property dates to Sept. 1960
BUYER: Daniel Magaletta and Erin Magaletta
SELLER: Trask Inc., mgd. by Benjamin Stevens
PRICE/ADD: $1,128,700; 5 Metcalf Ln.,
Southborough
MTG: $850,000 from NE Moves Mortgage
NOTES: Single-family Colonial, constructed 2013;
house size is 4,075 sf, lot size is one acre; four
bedrooms and 3.5 baths; last sold for $1,113,500
in June 2010; Declaration of Homestead
BUYER: Christine B. Silverstein
SELLER: Windover Shorecliff LLC, managed by
Lee R. Dellicker
PRICE/ADD: $1,100,000; 4 Cliff Ave.,
U-8, Gloucester
MTG: $290,000 from the: Institution for
Savings In Newburyport and Its Vicinity
NOTES: New unit in the Residences at
Shorecliff Condominium; unit size is 2,500 sf;
three bedrooms and 2.5 baths
BUYER: Augusta Beaugrand & Kenneth Beaugrand
SELLER: Stephanie Ann Blumenthal
PRICE/ADD: $1,100,000; 1 Farmer St., Nantucket
MTG: $550,000 from Blue Hills Bank
NOTES: Single-family Antique, constructed 1850;
house size is 1,950 sf, lot size is 2,625 sf; three
bedrooms and 2.5 baths; last sold for $550,000
in May 2006; Declaration of Homestead
BUYER: Erin Williams and Michael Williams
SELLER: Nineteen Gardner Street LLC, managed by Joseph R. Kennedy
PRICE/ADD: $1,082,000; 4 Fox Run Way,
Hingham
MTG: $864,000 from Dedham Institution
for Savings
NOTES: Land parcel; lot size is 37,450 sf;
Declaration of Homestead
BUYER: Brenda Favazzo and Charles Favazzo Jr.
SELLER: Douglas Worsnop & Regina Worsnop
PRICE/ADD: $1,076,000; 6 Crawford Rd.,
Lexington
MTG: $753,200 from Wells Fargo Bank
NOTES: Single-family, constructed 1959; house
size is 2,425 sf, lot size is 21,350 sf; four bedrooms and 3.5 baths; last sold for $495,000 in
Oct. 1996; Declaration of Homestead
BUYER: Catherine DeSimini & Sabino DeSimini
SELLER: Shelley Spencer and Wayne Spencer
PRICE/ADD: $1,060,000; 92 Constitution Rd.,
U-E92, Boston
MTG: $560,000 from Wells Fargo Bank
NOTES: Townhouse unit; unit size is 2,000 sf;
three bedrooms and 2.5 baths; unit last sold
for $968,000 in Nov. 2002; Declaration of
Homestead
continued on page 12
THE REAL REPORTER
12
November 26, 2013
Residential Deals
MILLION DOLLAR MORTGAGES/SALES NOVEMBER 12 - NOVEMBER 15, 2013
continued from page 11
BUYER: Miroslava Fitkova
SELLER: Glenland Road LLC, mgd. by Robert Zuker
PRICE/ADD: $1,050,000; 321 Hammond
Pond Pkwy., U-304, Brookline
MTG: $840,000 from Leader Bank
NOTES: Unit in low-rise condominium; unit
size is 1,875 sf; three bedrooms and two baths
BUYER: Dian Quinn and Paul Quinn
SELLER: Anthony Gika and Cynthia R. Gika
PRICE/ADD: $1,040,000; 210 Walnut St., Wellesley
MTG: $540,000 from Leader Bank
NOTES: Single-family Colonial, constructed 1910;
house size is 2,700 sf; lot size is 14,175 sf; four
bedrooms and two baths; last sold for $900,000
in May 2002; Declaration of Homestead
NOV 14TH
BUYER: Kristen Mansharamani and Vikram
Mansharamani
SELLER: Richard T. Miller
PRICE/ADD: $2,399,000; 23 Douglas Rd., Lexington
MTG: $900,000 and $500,000 from First
Republic Bank
NOTES: Single-family, constructed 2005; house
size is 6,600 sf, lot size is 30,925 sf; five bedrooms and seven baths; last sold for $2,100,000
in Nov. 2011; Declaration of Homestead
BUYER: Battery Wharf Holdings LLC, managed
by Eric F. Saunders
SELLER: Daniel E. Smith
PRICE/ADD: $2,324,500; 4 Battery Wharf,
U-4610, Boston
NOTES: Unit in mid-rise condominium; unit
size is 1,400 sf; two bedrooms and two baths;
unit last sold for $1,900,000 May 2008
BUYER: Lisa Magidson and Paul Magidson
SELLER: Richard L. Pickett
PRICE/ADD: $2,020,200; 29 Hundreds Cir.,
Wellesley
NOTES: Single-fam. Colonial, const. 1923; house
size is 2,950 sf, lot size is 32,775 sf; five bdrms.
and 2.5 baths; last sold for $317,000 in Oct. 1998
MTG: $1,715,000 from Rollstone B&T Co.
ADD: 1 Tern Way, Bourne
BWR: Joan Crowley and Ralph Crowley Jr.
MTG: $1,500,000 from Leader Mortgage Co.
ADD: 11 Dellbrook Rd., Weston
BWR: Ananya A. Vaid and Kuldip K. Vaid
BUYER: Robert Shawn Neville
SELLER: MP Hayward Development Co. LLC,
managed by Millennium Partners
PRICE/ADD: $1,260,000; 580 Washington
St., U-5C, Boston
MTG: $800,000 from Wells Fargo Bank
A single-family Colonial in Winchester has fetched $1,240,000 for seller Vincent R. Leo from Sanjay
Bhandari and Jeanie W. Lam, with a Mortgage Master $630,000 loan backing the couple’s purchase of
2 Stonefield Cir. The 3,725-sf, five-bedroom property was constructed in 2009 on a 10,000-sf parcel that
last changed hands for $395,000 in March 1987.
NOTES: New unit in high-rise Millennium Place
condominium; unit size is 1,425 sf; two bedrooms and two baths; Declaration of Homestead
NOTES: Unit in low-rise Victorian; unit size is
1,850 sf; three bedrooms and 3.5 baths; unit
last sold for $810,000 in Aug. 2007
BUYER: Vinayak Antarkar and Ramani Varanasi
SELLER: Deborah Paisner and Frederick L. Wolf
PRICE/ADD: $1,210,000; 60 Forest St., Lexington
MTG: $750,000 from MSA Mortgage
NOTES: Single-family, constructed 1928; house
size is 3,275 sf, lot size is 11,740 sf; five bedrooms and three baths; last sold for $385,000
in July 1991; Declaration of Homestead
BUYER: Joseph Nash and Nancy Marcus Nash
SELLER: 20 Springdale Ave LLC, mgd. by Mark Howe
PRICE/ADD: $1,075,000; 2 Hawthorne Ln.,
U-10, Dover
MTG: $475,000 from Needham Bank
NOTES: New unit in the Meadows of Dover
Condominium; unit size is 5,675 sf; two bedrooms and 2.5 baths; Declaration of Homestead
BUYER: Eileen Tefft and Gary W. Tefft
SELLER: Bertha A. Keating
PRICE/ADD: $1,200,000; 120 Fensview Dr.,
Westwood
MTG: $840,000 from Morgan Stanley
Private Bank
NOTES: Single-family, constructed 2007;
house size is 3,125 sf, lot size is 40,075 sf;
property last sold for $615,000 in Dec. 2006;
Declaration of Homestead
BUYER: Elizabeth Cooper and John Fiske
SELLER: Louis Bottari and Shannon Bottari
PRICE/ADD: $1,040,000; 6 Hillcrest Pkwy.,
Winchester
MTG: $250,000 from Mortgage Master
NOTES: Single-family Ranch, constructed 1953;
house size is 2,875 sf, lot size is 10,000 sf; four
bedrooms and three baths; last sold for $975,000
in Sept. 2006; Declaration of Homestead
BUYER: Maureen Boulanger & Raymond Boulanger
SELLER: Elizabeth Cooper and John Fiske
PRICE/ADD: $1,100,000; 7 Wainwright Rd.,
U-60, Winchester
NOTES: Unit in the low-rise Ledges Condo; unit size is
3,900 sf; two bdrms. and 2.5 baths; unit last sold for
$1,030,000 in June 2007; Declaration of Homestead
BUYER: Deborah R. Novick
SELLER: Amy T. Paige
PRICE/ADD: $1,080,000; 55-57 Bowen St.,
U-55, Newton
BUYER: Gloria Choi a/k/a Gloria Bohyun Choi
and Jun R. Huh
SELLER: Dreamcasa 37 Elm Street LLC, managed by Luis Diazgranados
PRICE/ADD: $1,050,000; 37 Elm St., U-2, Newton
MTG: $75,000 and $100,000 from the
Massachusetts Institute of Technology
and $822,500 from Wellesley Bank
NOTES: Townhouse unit; unit size is 3,500 sf;
three bedrooms and four baths; Declaration of
Homestead
continued on page 13
THE REAL REPORTER
November 26, 2013
13
Residential Deals
MILLION DOLLAR MORTGAGES/SALES NOVEMBER 12 - NOVEMBER 15, 2013
continued from page 12
NOV 13TH
BUYER: Ronald E. Akie
SELLER: Two Greeks LLC, mgd. by Peter Georgantas
PRICE/ADD: $3,125,000; 512-518 Tremont
St., U-4, Boston
MTG: $1,200,000 from First Republic Bank
NOTES: New unit in low-rise condominium;
unit size is 2,500 sf; two bedrooms and 2.5
baths Declaration of Homestead
BUYER: Jennifer M. Paci and Victor J. Paci
SELLER: Two Greeks LLC, mgd. by Peter Georgantas
PRICE/ADD: $3,125,000; 512-518 Tremont
St., U-5, Boston
NOTES: New unit in low-rise condominium;
unit size is 2,500 sf; two bedrooms and 2.5
baths; Declaration of Homestead
MTG: $455,000, $550,000, and $2,100,000
from Citibank
ADD: 4 Hammett Ln., Chilmark
BWR: Soraya Mariel and Arthur Robinson
BUYER: Lynn St. Amour
SELLER: Sofia Potapov a/k/a Sofia Oster-Potapov
PRICE/ADD: $1,840,000; 77 Ober Rd, Newton
MTG: $400,000 from Mortgage Master
NOTES: Single-family, constructed 1968; house
size is 3,200 sf, lot size is 1.3 acres; five bedrooms and 3.5 baths; last sold for $1,220,000
in July 1996; Declaration of Homestead
BUYER: Karl H. Breuing and Heidi B. Kummer
SELLER: MP Hayward Development Co. LLC,
managed by Millennium Partners
PRICE/ADD: $1,320,000; 580 Washington
St., U-9C, Boston
MTG: $792,000 from First Republic Bank
NOTES: New unit in high-rise Millennium Place
condominium; unit size is 1,450 sf; two bedrooms and two baths; Declaration of Homestead
Jeffrey L. Silver and Laura T. Silver, longtime owners of 141 Hampshire Rd. in Wellesley, have sold the single-family Garrison to Jamie A. Ladge for $1,200,000, a substantial difference from the $725,000 the
Silvers spent on the residence in June 1996. Fairway Independent Mortgage Corp. fueled the deal via a
$960,000 jumbo mortgage.
MTG: $500,000 from First Republic Bank
NOTES: New unit in high-rise Millennium
Place condominium; unit size is 1,300 sf; two
bedrooms and two baths
BUYER: Stacey N. Schmidt
SELLER: Brighid Carolyn Tella and Srikanth Tella
PRICE/ADD: $1,025,000; 17 Dwight St., U-1,
Boston
MTG: $820,000 from Mortgage Master
NOTES: Unit in low-rise condo; unit size is 1,250 sf;
two bedrooms and two bathrooms; unit last sold for
$799,000 in July 2009; Declaration of Homestead
NOV 12TH
BUYER: Xiaolei Gu
SELLER: Alexander A. Zecca and Laura Zecca
PRICE/ADD: $3,900,000; 451 Wellesley St., Weston
NOTES: Single-family Mansion, constructed 1997;
house size is 12,150 sf, lot size is 5.6 acres; five
bedrooms and 6.5 baths; last sold for $4,450,000
in March 2007; Declaration of Homestead
BUYER: Brian Fogarty
SELLER: Town of Nantucket, managed by Rick
Atherton, Robert DeCosta, Matthew G. Fee,
Tobias B. Glidden and Bruce D. Miller,
Nantucket Board of Selectmen
PRICE/ADD: $1,220,000; 19 Masaquet Ave.,
Nantucket
MTG: $1,390,000 from TD Bank
NOTES: Land parcel; lot size is 2.2 acres; seller’s ownership in property dates to March 1973
BUYER: Angel Hope Phitayakorn & Roy Phitayakorn
SELLER: MP Hayward Development Co. LLC,
managed by Millennium Partners
PRICE/ADD: $2,075,000; 580 Washington
St., U-8B, Boston
MTG: $1,867,500 from BNY Mellon
NOTES: New unit in high-rise Millennium Place
condominium; unit size is 1,900 sf; three bedrooms and three baths; Declaration of Homestead
BUYER: Kathryn Bachman Lakin & Thomas Lakin
SELLER: MP Hayward Development Co. LLC,
managed by Millennium Partners
PRICE/ADD: $1,115,000; 580 Washington
St., U-9E, Boston
BUYER: Scott Parker Associates LLC, managed
by Scott Biedron
SELLER: Steven Karole and Teri J. Karole
PRICE/ADD: $1,800,000; 17 West Sankaty
Ave., Nantucket
MTG: $1,000,000 from The Cape Cod Five
Cents Savings Bank
NOTES: Single-family Cape, constructed 1987;
house size is 1,775 sf, lot size is 9,575 sf; five
bedrooms and four baths; last sold for
$840,000 in Dec. 2001
BUYER: Dennis J. Senovich
SELLER: 7 Worcester Square LLC, managed by
David L. Goldman
PRICE/ADD: $1,695,000; 7 Worcester Sq.,
U-3, Boston
MTG: $1,356,000 from First Republic Bank
NOTES: New unit in low-rise condominium; unit
size is 2,000 sf; three bedrooms and 2.5 baths;
property last sold pre-conversion for $2,325,000
in Dec. 2012; Declaration of Homestead
BUYER: Wendy Carruthers and Alistair Smith
SELLER: 7 Worcester Square LLC, managed by
David L. Goldman
PRICE/ADD: $1,485,000; 7 Worcester Sq., U1, Boston
MTG: $1,085,000 from Baxter Credit Union
NOTES: New unit in low-rise condominium; unit
size is 2,050 sf; three bedrooms and 2.5 baths;
property last sold pre-conversion for $2,325,000
in Dec. 2012; Declaration of Homestead
MTG: $1,404,000 from South Shore Bank
ADD: 38 Jarvis Ave., Hingham
BWR: John E. McDonald and Melissa
McCullough McDonald
BUYER: Eva Bredberg and Ulf Bredberg
SELLER: Richard S. Grinnell
PRICE/ADD: $1,350,000; 406 Marlborough
St., U-4, Boston
continued on page 14
THE REAL REPORTER
14
November 26, 2013
Residential Deals
MILLION DOLLAR MORTGAGES/SALES NOVEMBER 12 - NOVEMBER 15, 2013
continued from page 13
MTG: $1,012,500 from William Raveis Mortgage
NOTES: Unit in low-rise condo; unit size is 1,450
sf; three bedrooms and two baths; unit last sold for
$970,000 in Sep. 2004; Declaration of Homestead
BUYER: Ali H. Hashim and Rima R. Estanboli
SELLER: Dennis Gorman and Kathleen Silvia
PRICE/ADD: $1,345,000; 1 Charles Street
South, U-12H, Boston
NOTES: Unit in high-rise condominium; unit
size is 1,275 sf; two bedrooms and two baths;
unit last sold for $1,290,000 in Apr. 2006
BUYER: Meenakshy Chakravorty and Soumya
Raychaudhuri
SELLER: Emily Venanzi and Patrick Venanzi
PRICE/ADD: $1,647,500; 150 Saint Paul St.
U-405, Brookline
MTG: $1,318,000 from Wells Fargo Bank
NOTES: Unit in low-rise condominium; unit
size is 2,900 sf; four bedrooms and 4.5 baths;
unit last sold for $1,582,660 in March 2008;
Declaration of Homestead
MTG: $1,200,000 from Boston Private B&T Co.
ADD: 18 Crooked Ln., Manchester-by-the-Sea
BWR: Kevin S. Potter
BUYER: Erin Dorton and Patrick Dorton
SELLER: Bedminster International Inc., managed by Martin Scully
PRICE/ADD: $1,200,000; 20 Black Fish Ln.,
Nantucket
MTG: $900,000 from The Cape Cod Five
Cents Savings Bank
NOTES: Land parcel; lot size is 36,600 sf; portion of property acquired by seller in March 2007
Residential Deals
continued from page 9
BUYER: Extra Space Properties Two LLC
SELLER: Carey Storage I (MA) LLC
PRICE/ADD: $7,160,000; 230 Oak St., Brockton
NOTES: Self-storage property, constructed
2002; building size is 72,000 sf, lot size is 1.7
acres; last sold for $3,500,000 in Aug. 2006
BUYER: Artis Sr. Living of Reading LLC, McLean VA
SELLER: Thomas W. Goddard, trustee of the
Goddard Family TR
PRICE/ADD: $2,300,000; 1090 and 1100
Main St., Reading
NOTES: Mixed-use props.; 1090 Main St. a retail
prop., const. 1981; bldg. size is 3,375 sf, lot size is
2.2 acres; last sold for $460,000 in Dec. 1986;
1100 Main St. a single-fam. Ranch, const. 1920;
house size is 2,225, lot size is 1.4 acres; two bdrms.
and two baths; last sold for $216,000 in Jan. 1995
Eileen A. Piantedosi and John H. Piantedosi have harvested 28 Stonymeade Way in Acton to Shing-Jen
Huang and Kenwin Zhou for $1,020,000, more than twice the $487,500 that the 4,425-sf, four-bedroom last traded for new in May 1992. Residential Mortgage Services provided the buyers with
$650,000 to finance the exchange.
BUYER: James Calhoun Jr. and Jennifer Calhoun
SELLER: Bedminster International Inc., managed by Martin Scully
PRICE/ADD: $1,100,000; 16 Black Fish Ln.,
Nantucket
NOTES: Land parcel; lot size is 20,050 sf; portion of property acquired by seller in March 2007
house size is 4,625 sf, lot size is 20,000 sf; six
bedrooms and 3.5 baths; last sold for $1,050,000
in July 2012; Declaration of Homestead
BUYER: David Costabile and Peggy Costabile
SELLER: Christopher Holliman and Emily Holliman
PRICE/ADD: $1,050,000; 7 Boiling Spring
Ave., Medfield
MTG: $840,000 from Leader Bank
NOTES: Single-family Colonial, constructed 2007;
BUYER: Shing-Jen Huang and Kenwin Zhou
SELLER: Eileen Piantedosi and John Piantedosi
PRICE/ADD: $1,020,000; 28 Stoneymeade
Way, Acton
MTG: $650,000 from Residential
Mortgage Services
NOTES: Single-family, constructed 1992; house
size is 4,425 sf, lot size is 1.1 acres; four bedrooms
and five baths; property last sold for $487,500 in
May 1992; Declaration of Homestead
MTG: $2,050,000 from Marlborough SB
ADD: 150 Blackstone River Rd., Worcester
BWR: 150 Blackstone River Road LLC, mgd. by
Charles Giroux, Tracy Giroux and Steven Goodman
MTG: $735,000 from The Savings Bank
NOTES: Multifamily property, constructed 1988;
eight units; building size is 6,975 sf, lot size is
12,200 sf; last sold for $600,000 in Dec. 1992
MTG: $1,378,000 from Stearns Bank
ADD: 70 Benson St., Fitchburg
BWR: Nashville LLC, managed by Julieann Taylor
MTG: $1,000,000 from Morgan Stanley
Private Bank
ADD: 452 Shawmut Ave., and 1597
Washington St., Boston
BWR: Swaminathan Kumaresan
MTG: $1,378,000 from Stearns Bank
ADD: 236 Lunenburg St., Fitchburg
BWR: Zachery S. Taylor
MTG: $1,300,000 from Cambridge SB
ADD: 665, 759 and 795 Columbia Rd., Boston
BWR: Columbia LJS LLC, mgd. by Leonard Samia
BUYER: Walnut Manor LLC, mgd. by Christine
M. Auriemma and Michele T. Auriemma
SELLER: 20 Walnut Street LLC, managed by
Catherine M. Gately
PRICE/ADD: $1,035,000; 14-20 Walnut St., Woburn
The Real Reporter
VOLUME 5, NUMBER 32
© 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.
THE REAL REPORTER
November 26, 2013
15
One Financial
continued from page 1
COMMERCIAL + RESIDENTIAL PHOTOGRAPHY
Transwestern RBJ.
Market watchers could not say whether
Beacon has retained a broker to orchestrate the sale, or what the timing might be
for a conclusion. If completed, it would be
the second such swap of a major Hub
tower interest this year, with therealreporter.com unveiling in early August that
Blackstone traded its share of One Post
Office Square to partner Morgan Stanley, a
deal ultimately valued at more than $270
million that was negotiated through
Eastdil Secured, according to Blackstone,
n
the parent of Equity Office.
INTERIOR PHOTOGRAPHY SERVICES
replace original developer Rose
Associates. Beacon’s partner,
MetLife, retained its position in the
1.1-million-sf structure, and
sources indicate the insurance
giant is not a part of the agreement
with Norges Bank Investment
Management, which is considered
the largest Sovereign Wealth Fund
in the world.
Perhaps not as well as homegrown Beacon, Norges is familiar
with Boston, having this past winter joined forces with TIAA-CREF
to grab a share of 33 Arch St., the
600,000-sf office tower that traded
for $366 million in Sept. 2011. The
$1.2 billion infusion—Norges’ first One Financial Center, Boston MA
of its kind in the US—gives it a
49.9 percent stake in the Hub tower and could not find a New England backer
four others owned by TIAA-CREF in New when the tower was first proposed,
York City and Washington, D.C. In an requiring the use of New York capital to
interview last month with an overseas launch the project during one of Boston’s
business publication, Norges Chief harshest economic downturns. The asset
Executive Yngve Slyngstad indicated the has fared well under Beacon’s stewardentity is laser-focused on the US sector ship, securing a LEED Silver ranking for
and in creating similar joint ventures as existing buildings and last year resigning
that forged with TIAA-CREF. The ability longtime tenant Mintz Levin to an lengthy
to place large sums of capital quickly is a extension. The surrounding Financial
reason Norges has the US on its invest- District office market has also rebounded
ment map, Slyngstad explained in the from the 2008 recession and over the past
year has seen asking rents rise 3.7 percent
interview.
At this juncture, Beacon Capital to $48.94 per sf, according to
Partners is keeping mum, declining comment when contacted by the Real
Reporter. Efforts to contact Norges officials were unsuccessful as of press deadline, but investment sales professionals
relay the overseas operation has been
searching Greater Boston in recent
months looking for deals ample enough to
sate its overheated appetite. The injection continues a global trend towards
investment of capital in the US, especially
in core or well-performing cities.
European capital has long deemed Boston
a viable target, with prior waves coming
from Ireland and Germany.
Dating to 1983, One Financial Center is
nd
North E
among the city’s oldest and most success12
June 20
ful office towers, and ironically had never
had a local ownership interest prior to
AERIAL PHOTOGRAPHY SERVICES
Beacon’s arrival—in fact, Rose Associates
617.435.9214 DEREKSZABO.COM
FEEDBACK TO: EDITOR@THEREALREPORTER.COM
THE REAL REPORTER
16
November 26, 2013
Massachusetts Corporations
Organized November 12 - November 15, 2013
Corporation
Directors/Registered Agents
UMNV 125 Newbury LLC
Peter Carbone III, Michael T. Jammen, Vincent G. Norton Jr., 85 Newbury St., Boston MA 02116
Jeffrey R. Theobald and Scott R. Tully, signatories
125 Newbury St., Boston MA
Address
Nature of Business
Deal with certain real property at
242 Baker Avenue Holdings LLC
Jonathan Ashley, Constantine Dakolias, David Iannarone,
Gordan Smith, Charles Spetka and Anthony Tufariello, mgrs.
7501 Wisconsin Ave., Ste. 500, Bethesda MD 20814
Interests in real property
2, 4 and 6 Omni Way Holdings LLC
Jonathan Ashley, Constantine Dakolias, David Iannarone,
Gordan Smith, Charles Spetka and Anthony Tufariello, mgrs.
7501 Wisconsin Ave., Ste. 500, Bethesda MD 20814
Interests in real property
WindSail GP LLC
Ian Bowles and Michael Rand, managers
C/o WindSail Capital Group @ 133 Federal St., Ste. 1201, Boston MA
Investments, including real property interests
Linear Retail Framingham #1 LLC
William J. Beckeman, manager
Three Burlington Woods Dr., Burlington MA 01803
Deal with certain real property in the town of
Framingham MA
ARC DEPPROP001 LLC
Jessie C. Galloway, Akomea Poku-Kankam and
Edward M. Weil Jr., signatories
C/o American Realty Capital @ 106 York Rd., Jenkintown PA 19046
Lease, manage and own real estate
Pyramid JB Lodge Management LLC
James Dina, Warren Fields and Richard Kellerher, managers C/o Pyramid Hotel Group @ 1 PO Square, Ste. 3100, Boston MA 02109 Deal in real property
PNY III Holdings Lender LLC
James Procaccianti and Elizabeth Procaccianti, managers
1140 Reservoir Ave., Cranston RI 02920
Real estate investment
Inland Home Mortgage Company LLC
Frank Binetti, Howard Jaffe and Peter Stickler, managers
2901 Butterfield Rd., Oak Brook IL 60523
Mortgage broker
Marshall & Swift/Boeckh LLC
Anthony Heisz, David Pedersen and Elizabeth Salomon, mgrs. 10001 Innovation Dr., Ste. 100, Milwaukee WI 53226
Provide software solutions relating to
property valuations
Vinebrook Plaza LLC
Brandon D. Kelly, manager
C/o R.J. Kelly Co. Inc. @ 55 Cambridge St., Burlington MA 01803
Dealing with interests in real estate
Cliffside Commons LLC
Fan Du, manager
8 Davis Brook Dr., Natick MA 01760
Deal with certain real property at
500 Broadway, Malden MA
Cabot III Unsecured Pool LLC
Michael T. Hagan, manager
C/o Liberty Property Trust @ 500 Chesterfield Pkwy., Malvern PA 19355
Hold real estate
Local 1421 Building Fund Inc.
Thomas Troy, pres. and treas.; William Hanley, sec.
1150 Main St., Tewksbury MA 01876
Real estate
Charter Springfield LP
Paul Brandes, pres.; David Zelson, treas. and secr.
C/o Charter Realty & Development Corp. @ 800 Westchester Ave.,
Ste. S-632, Rye Brook NY 10573
Real estate activities
Weichert Real Estate Support Services Inc. Aram R. Minnetian, president; Joseph H. Hajjar, treasurer;
Stephen S. Jones, secretary; James M. Weichert, director
1625 Route 10 Morris Plains NJ 07950
Real estate settlement support services
Henshaw 26 Property LLC
Abla Laham, manager; Sally E. Michael, signatory
70 Bay Colony Dr., Westwood MA 02090
Acquire, develop, finance, lease, manage
and sell real estate
Washington 390 Property LLC
Abla Laham, manager; Sally E. Michael, signatory
70 Bay Colony Dr., Westwood MA 02090
Acquire, develop, finance, lease, manage
and sell real estate
Washingtion 890 Property LLC
Abla Laham, manager; Sally E. Michael, signatory
70 Bay Colony Dr., Westwood MA 02090
Acquire, develop, finance, lease, manage
and sell real estate
CE Holdings XXV LLC; in MA
d/b/a Century Equities Holdings XXV
Danny Aderholt and John Aderholt, managers
1233 Main St., Ste. 1500, Wheeling WV 26003
Real property interests
Wood Creek Capital Management LLC
Brett Hellerman, Glenn Pease and Jon Rotolo, managers
157 Church St., Fl 20, New Haven CT 06510
Inv. management, incl.real property interests
Holyoke Apartments LLC
Rachel Romano, manager
44 Taylor St., East Longmeadow MA 01028
Deal with real estate
LeaseStar LLC
Stephen T. Winn, CEO
C/o RealPage Inc. @ 4000 International Pkwy., Carrollton TX 75007
Provide managed marketing tools for the
residential real estate industry
EDCO Marquis GP LLC
Gary Darman, signatory
C/o Saxon Partners @ 174 Colony Pl., Plymouth MA 02360
Operate and own an apartment property
SPLP IV Opportunity LLC
Robert Chicoski, Ed Lafferty and Jeffrey McCoarmick, mgrs.
75 Federal St., Boston MA 02110
Manage investments, incl. real property interests
Century Equities Holdings XXV
Danny Aderhold and John Aderholt, managers
1233 Main St., Ste. 1500, Wheeling WV 26003
Hold investments, incl. real property interests
PHMS LLC
Sandra Jarish and Teresa McDermott, managers
321 Research Pkwy., Ste. 303, Meriden CT 06450
Mortgage services
Captivate Holdings LLC
John Hawkins, Andrew Hertzmark, Mark Jennings,
Douglas Kuckelnan, Louis Marino and Mark Shapiro, mgrs.
2 Executive Dr., Ste. 301, Chelmsford MA 01824
Hold investments, incl. real property interests
108-110 Arlington Street Mid Rise LLC
Ruth Ann Moorman, signatory
581 Boylston St., Ste. 701, Boston MA 02116
Deal with real estate
Uxbridge SC LLC
Andrew Davis, John Davis and Stephen Davis, managers
One Monarch Pl., Ste. 1300, Springfield MA 01144
Buy, develop, hold, lease, operate and sell RE
CS Amory Inc.
David B. Waters, president; Karen B. Bressler, treasurer;
Fredi Shonkoff, clerk
356 Concord Ave., Cambridge MA 02138
Non-profit buying certain real property at
181 Amory St., Jamaica Plain MA to
improve for the benefit of lower income citizens
Sikona Realty Partners LLC
Cynthia M. Koss, manager
45 Elmwood Rd., Wellesley MA 02481
Deal with real estate
Unicorn Property Corp.
Kevin Burns, pres. and treas.; Bernard Angelo, sec.
68 South Service Rd., Ste. 120, Melville NY 11747
Acquire, finance, lease, own and sell
real property in Massachusetts
CIC Forest Park LLC
Brian Dacey, Geoff Mamlet and Timothy Rowe, managers
One Broadway, 14th floor, Cambridge MA 02142
Provide event, meeting & office space to clients
Ships Cove GP LLC
Thomas Vacarro, manager
Principal office c/o the NHP Foundation, 122 East 42nd St.,
Acquire, lease, own, rehabilitate and sell
Ste. 3500, NYC 10168; Thomas Vacarro c/o 1090 Vermont Avenue NW, low-income housing in Massachusetts
Ste. 400, Washington DC 20005
1504-9 Realty LLC
Christopher X. Daniele and Paul C. Daniele, managers
1504 Providence Hwy., U-9A, Norwood MA 02062
Deal in real property
1079 Washington Street LLC
Brian Driscoll, manager
25 Oak St., Marblehead MA 01945
Real estate
continued on page 17
THE REAL REPORTER
November 26, 2013
17
Massachusetts Corporations
Organized November 12 - November 15, 2013
Corporation
Directors/Registered Agents
Address
47 State Street LLC
Josiah H. Welch, manager
51 State St., Newburyport MA 01950
Nature of Business
RE development, investment & management
Coolidge Square I LLC
Robert S. Korff, manager; Edward F. Fay Esq., signatory
54 Jaconnet St., Ste. 203, Newton MA 02461
Acq., develop, lease, mtg. and sell real property
Palmer Family LP
Justine M. Hayden and David E. Palmer, signatories
347 Tremont St., Taunton MA 02780
Real estate activities
155 Frederick Street LLC
Darin A. King, manager
4 Johnston St., Wareham MA 02571
Hold and manage real estate
Angus Realty Corp., in MA
d/b/a Angus Properties
William J. Yameen, president; Evon M. Yameen, treasurer;
William H. Shaheen, secretary
1077 Osgood St., North Andover MA 01845
Real estate leasing, management and sales
33 Yokun Avenue LLC
Anne King, Frederick Peters II and Stephen Peters, mgrs.
Principal office @ 4515 Whistler Cir., Manilius NY 13104; MA office
@ 3 Bishop Estate, PO Box 973, Lenox MA 01240
Manage real estate
Insight Centre LLC
Michael J. McGuire, manager
1427 Centre St., West Roxbury MA 02132
Dealing with interests in real estate
Shohans LLC
Salman Assiri and Sultan Assiri, managers
580 Washington St., U-1001, Boston MA 02111
Property management
248 Somerville Ave. LLC
Peter I. Brown, manager
31 Holton St., Winchester MA 01890
Interests in real estate
EST Properties LLC
Elias Tsionis, manager
240 Stevens St. Lowell MA 01851
Invest in and manage real estate
7 Henry Graf Road LLC
Salman Ghiasuddin and Saira Naseer-Ghiasuddin, managers 28 Green St., Newburyport MA 01950
Dealing with interests in real estate
Yasmin Properties LLC
Umar Mughal, manager
Buy and lease real estate
310 Main St., Townsend MA 01469
Petersson Truro Family LLC
Erika Petersson, John Petersson and Mark Petersson, mgs.
17 Orchard Ter., Arlington MA 02747
Deal in real property
By The Sea Real Estate and
Property Management LLC
Edward L. Amaral Jr., manager
246 Revere St., Winthrop MA 02152
Invest in real estate
Countryside AW Manor LLC
Brian P. Kelley and Peter C.J. Kelley, managers
424 Marrett Rd., Lexington MA 02421
Deal in real property
Colhatin Inc.
Cheryle A. Corbett, president, treasurer and secretary
3 Mustang Cir., Danvers MA 01923
Real estate sales
Edminster Properties LLC
Karl Edminster, manager
13 Industrial Dr., U-2R, Mattapoisett MA 02739
Dealing with interests in real estate
Hancock Gateway LLC
Paul Adamson and Mark Cummins, managers
318 W. Broadway, South Boston MA 02127
Real estate development
TQuinn Properties Inc.
Thomas Quinn, president and treasurer
120 Border St., Northbridge MA 01588
Buy and improve real estate
Tremblay Family LLC
Ernest S. Tremlay Sr., manager
107 Pine St., Danvers MA 01923
Real estate and interests therein
Tanner Tavern Group Real Estate LLC
Robert L. Palmer, manager
30 Redmond Ave., North Reading MA 01864
Buy, develop, lease, manage and sell RE
86 Great Oak LLC
George Shaw, manager; George Cavanaugh, resident agent
Principal office @ 100 Parrott Dr., U-1702, Shelton CT 06484;
George B. Cavanaugh @ 161 Route 6A, Orleans MA 02653
Hold real estate
Musician Realty Trust LLC
Eddie Giron and Dulce D. Molina-Giron, managers
50 Woodfall Rd., Belmont MA 02478
Lease and own real estate
M. Lexington LLC
Leon Molohn, manager
Principal office @ 1995 Broadway, NYC 10023; MA office
@ 840 Emerson Gardens Rd., Lexington MA 02420
Own real estate
Eglinton Naim LLC
David Hayter, manager
308 Shawmut Ave., Ste. 1, Boston MA 02118
Real estate investments
21 Mystic LLC
Michael Driscoll and Stephanie Driscoll, managers
9 Orchard Crossing, Andover MA 01810
Operate and own real property
1699 W.M.H. LLC
Robert M. Barsamian, manager
C/o V.P. Management Inc. @ 54 Jaconnet St., Ste. 202, Newton MA
Buy, develop, lease, manage and sell RE
Dennis Port LLC
Sue Mei, manager
58 South Bayfield Rd., Quincy MA 02171
Real estate and interests therein
MSI Investments LLC
Muhammad Isa and Saher Isa, managers
123 Green Hill Rd., Longmeadow MA 01106
Manage real estate
Holbon Realty LLC
Susan A. Kenneally, manager
9 Mill Pond Rd., West Bridgewater MA 02379
Manage and own real property
The Back/Berman Family Partnership LP
Susan Berman and Terry Lewis, mgrs.; Sarah Alger, res. agent Principal office @ 9607 Harvest Knolls Way, Laytonsville MD 20882;
MA office @ 7 Pond Rd., Nantucket MA 02554; Sarah F. Alger
@ 2 South Water St., Nantucket MA 02554
Real estate matters
51 Asbury Street LLC
David E. Burns, manager
405 Waltham St., #401, Lexington MA 02421
Acquire and develop real estate
Edna Street LLC
David E. Burns, manager
405 Waltham St., #401, Lexington MA 02421
Acquire and develop real estate
One Independence Realty LLC
Melvin S. Cutler, manager; Joel P. Greene, resident agent
Principal office @ 3156 Sandy Ridge Dr., Clearwater FL 33761;
Joel P. Greene c/o Lane, Greene, Murtha & Edwards LLP
@ 130 Elm St., Worcester MA 01609
Operate and own real estate
Phoenix Holdings Partners LLC
Geoffrey C. Dawe and Krenar Komoni, managers
19 Ida Rd., Worcester MA 01604
Investments, including real property interests
43 Winnetuxet Road LLC
Chesterton S. Knight III and Gail M. Knight, managers
45 Winnetuxet Rd., Plympton MA 02367
Maintain, purchase and sell real estate
EDV LLC
Elizabeth A. Fair, manager; Thomas J. Filipek, signatory
C/o Biecrom @ 691 Waashington St., South Easton MA 02375
Acq., develop, hold, lease, manage & sell RE
Southern Sky Renewable Energy Berkley LLC Francis X. McMahon, manager
40 Court St., Ste. 1150, Boston MA 02108
Develop solar photovoltaic facilities
MV Sea & Land LLC
Louis A. Dimovich, manager
19 Serusa Ln., Vineyard Haven MA 02568
Buy, develop and sell real estate
A&G Properties LLC
Anna Lisa D'Antona and Giovanni Laface, signatories
267 Havre St., Boston MA 02128
Invest in and manage real estate
AE Kingsley LLC
Cheryl Smith, manager
121 Nantasket Ave., #507, Hull MA 02045
Acquisition and management of real estate
171 Washington Street Realty LLC
Brian Boucher, manager; Mark Boucher, signatory;
Christopher M. Waterman, resident agent
Principal office @ 470 West Broadway, South Boston MA 02127;
Lease, own and sell real estate
Christopher M. Waterman, c/o Demeo @ 1 Lewis Wharf, Boston MA 02110
Eighty-One East Main Street LLC
George A. Waterhouse and Richard A. Waterhouse, managers 21 West Main St., Merrimac MA 01860
Real estate
continued on page 18
THE REAL REPORTER
18
November 26, 2013
Massachusetts Corporations
Organized November 12 - November 15, 2013
Corporation
Directors/Registered Agents
Address
Nature of Business
146 Court Street LLC
Jacqueline M. Smith, manager; John H. Wyman, signatory
112 Fulton St., #2A, Boston MA 02109
Invest in, manage and sell real estate
Lilen Investments LLC
Leonard F. D'Orlando and Lisa K. D'Orlando, managers
380 Lowell St., Ste. 201 A&B, Wakefield MA 01880
98 Watts Street LLC
Thomas Cafarella, Scott Mandell and William Mandell, mgrs. 1 Seal Harbor Rd., Ste. 412, Winthrop MA 02152
Dealing with interests in real estate
570 Warren Street LLC
Peter J. McLoughlin, manager
125 Greenleaf St., Quincy MA 02169
Real estate
4848 Global Realty LLC
Dadan Pahlawan Irawan and Rizki Setia, managers
Principal office @ River Park GF I No. 46, Sektor 8 RT 10/06
Bintaro Jaya Tangerang IDN; MA office @ 1 Jacobs St., Peabody MA
Acquire, lease and own real estate
Boston 5 LLC
John Mika & Roxanne Morand, mgrs.; Charles Levin, res. agent Principal office @ 173 Beacon St., Boston MA 02116; Charles R. Levin
@ 54 Kearney Rd., Needham MA 02494
Real estate development
Bula Real Estate LLC
Marie F. Kemmler, manager
Acq., develop, hold, improve, lease & operate RE
AMRMARG Realty LLC
Arthur Margolis, Michael Margolis and Robert Margolis, mgrs. 31 Tuttle Dr., Acton MA 01720
Engage in every aspect of the RE business
Cafua Realty Trust XC LLC
Mark Cafua, manager; Eugene H. Gaudette, resident agent
Lease and manage real property
220 Chestnut St., Needham MA 02492
280 Merrimack St., Methuen MA 01844
Acquire, lease, manage and sell real estate
Pitcher's Way LLC
Mustapha A. Akkawi and Saleh Ahmed Akawi, managers
8 Plum Hollow Rd., East Falmouth MA 02536
Real estate, incl. lodging house operations
JCE Family LP
Denise D. Getty, manager
220 West Court St., Rome NY 13442
Invest in real property
438 Washington St LLC
Maria Vasilakis, manager
438 Washington St., Brighton MA 02135
Real estate
478 Main Street LLC
Houman Baiany, manager; Gianpiero Spino, resident age
464 Common St., Ste. 322, Belmont MA 02478
Buy, develop, lease, manage and sell RE
Irish Crimson LLC
Finbar Griffin, manager
349 Watertown St., Newton MA 02458
Invest in and manage income-producing RE
Carol Burt LLC
Carol H. Burt, manager
25 Brettwood Rd., Belmont MA 02478
Accounting, financial and tax services
focused on the real estate industry
Highland Court Realty LLC
Nicholas Boit & Scott Wolf, mgrs.; Paul Bijkersma, res. agent Principal office @ 376 Massachusetts Ave., Arlington MA 02474;
Paul Bijkersma c/o Morisi & Oatway PC @ 730 Hancock St., Quincy MA
Mamary Funding LLC
James S. Mamary Sr., manager
1080 Washington St., Hanover MA 02339
Acquire, manage, own and sell nursing homes
40 Newbern Avenue LLC
Franz J. Eberth, manager
2-16 Norman St., Everett MA 02149
Develop, finance, lease, operate, purchase
and sell real property
EJM Holdings LLC
Marc A. Cohen, manager
151 Tremont St., Boston MA 02111
Investments, including real property interests
Boston Cornhill LLC
Adam Flatto, Robin Fasamny and Jonathan Schmerin, mgrs. C/o the Georgetown Company @ 667 Madison Ave., 23rd floor, NYC
Own real estate
Hytech Park Properties LLC
Todd A. Marchefka, manager
Real estate
NAIOP/SIOR Forecast
continued from page 5
Poutasse told the crowd that in discussions with investors around the country
over the summer, he heard “a lot of pessimism like, ‘I know things are going to go
bad, but we have to invest,’ which really
was anchored in the concept of ‘When
interest rates rise, it’s going to do terrible
things.” Poutasse countered that notion
by asserting that when interest rates
rise—as they did this spring—it demonstrates strength in our economy and not
an indicator of weakness.” And he reminded the audience that “interest rates were
at historically low levels because central
banks were taking measures to prevent a
depression and to try and get a recovery
going.”
The US has been gaining jobs the past
four-plus years despite a loss of 100,000 to
200,000 federal positions annually, noted
Poutasse, and said that, “although we
haven’t had a 5 to 6 percent growth spurt
74 Bridge St., Northampton MA 01060
like we had in the 1984 or 1994, we’re
going to keep growing at the pace we’ve
been growing at.” The seasoned economist further elaborated that of the sectors
that have experienced 10 percent or
greater growth since February 2010—
education, health, hospitality/leisure and
professional services—all have more jobs
than in 2008, and education and health
services (which buoy Massachusetts),
both have in excess of 10 percent more
jobs than in 2008. In Massachusetts, the
vast majority of workers are employed in
those service sectors, he outlined, “and
(our economy) is growing at about 2 percent per year for the last four-plus years,
and it is adding jobs at a better pace than
it did in 2005-2006,” he said, adding, “it’s
doing just fine.”
Another trend Poutasse has been
tracking in Boston and other major cities
is the “rebirth of the urban core.” Within a
two-mile radius of Boston City Hall, there
was a 10.8 percent increase in the area
population in the decade from 2000-2010,
Real estate
compared to 4.8 percent for Boston proper and 3.7 percent for the metropolitan
Boston area. “Urbanization is already
occurring in Boston, and it is going to get
stronger in the next few years as we build
out the housing inventory to support this,”
said Poutasse. The population is also
younger (median age 0f 32.1 compared to
38.6 for Metro Boston), more educated
(55.6 hold a bachelor’s degree or higher
versus 41.6 percent for Metro) and tend to
rent rather than own (69.1 percent vs.
39.1 percent for Metro), and that is where
the problem lies, he observed. “In key
markets like Boston, the multifamily housing is being absorbed faster than it can get
built, because that’s where the jobs are,”
reported Poutasse. “We have a tight apartment supply.”
At the close of his presentation,
Poutasse tried to allay the fears of those
worried that the impending rise in interest
rates will have a detrimental effect on
development and investment sales.
ADVERTISING INFO: ADS@THEREALREPORTER.COM
continued on page 19
November 26, 2013
THE REAL REPORTER
19
NAIOP/SIOR Forecast
continued from page 18
“There is no correlation between the oneyear movement of cap rates and interest
rates,” he told the crowd. “We shouldn’t be
afraid that we’re going to lose the entire
spread that currently exists between the
cap rates and the interest rates. There is
no correlation. Real Estate is not fixed
income. It has rising income streams and
there are strong fundamentals, both in
Boston and nationally.”
Poutasse gave way to the panel, led by
Bob Gibson of CBRE’s evaluation of the
industrial
market.
Despite Boston having
the second highest
availability in the nation
(19.4 percent, but down
from 20.7 percent last
quarter), Gibson said
that Boston has a
Alex Dauria
“bright future” due to
four key demand drivers – manufacturing
output, imports, exports and inventory
levels. Manufacturing output is on the rise
nationally, and according to a report by
the Boston Consulting Group, nearly half
(48 percent) of manufacturers claim they
will be returning operations to the U.S.
due to lower energy and transportation
costs, better quality control and pressure
from retailers to “buy domestically”.
Other good news locally is that the
Boston industrial market will have the
eighth (out of 52 tracked markets) largest
absorption (as a percentage of its industrial stock in the nation) in the coming 12
months, Gibson said in his presentation
that followed Poutasse. As evidence of
that momentum, he pointed to two recent
transactions at Devens, the acquisition of
a 370,545-square-foot warehouse distribution facility at 15 Independence Dr. by
O’Reilly Auto Parts for $20.7 million, and
the 205,000 sf lease by Nypro at the former Evergreen Solar manufacturing plant.
The O’Reilly acquisition is indicative of a
trend among users buying rather than
leasing properties, Gibson outlined, relying that on a square-footage basis, such
purchases accounted for 37 percent of all
industrial transactions on a square footage
measure in the region to date in 2013.
Gibson went on to predict “that over
the next six months, based on actual executed leases, signed letters of intent,
Alex Dauria speaking at NAIOP/SIOR Annual Review and 2014 Forecast, Boston MA
signed P&S (agreements) and other active
lease negotiations, we’re going to see
close to four million square feet of transactions in traditional industrial space, and
that’s one of the largest (growth spurts) in
the last 10 to 15 years.”
In his presentation,
Barry painted a positive
overall picture of the
downtown market, but
warned of some nettlesome trends, particularly the shrinking office
Robert Gibson
footprint
occurring
among the city’s largest tenants. “The former drivers are now contracting,”
observed Barry, who counts State Street,
Fidelity, and Wellington Management
among those tenants scheduled for a
reduction in space when their new leases
commence. And despite single digit
vacancy (6.3 percent) and rents consistently above $60 per square foot, three of
the Back Bay’s most prominent fixtures
(State Street, Met Life and Houghton
Mifflin) will be giving back a combined 1.5
million square feet in the next 18 months
as well, Barry relayed, as State Street will
be giving up 1.3 million sf while only committing to 500,000 sf in the Seaport.
On the plus side, the Financial District
continues its resurgence, with Class A
rents averaging $48.94 and the vacancy
rate at 12.4 percent. “The Financial
District, which outpaced the Back Bay for
many years, is now considered the value
market,” Barry told the audience. “It is
drafting off the Back Bay momentum and
some of the Seaport momentum, with
companies coming back into the Financial
District to take advantage of the financial
opportunities.” That is also translating
into demand for Class B product in the
district, which is now in the high $30’s per
sf, nearly equal to some of the Class A low
rise space, according to Barry.
The Seaport continued its momentum
and the numbers tell the story, with a
deceptive 12.4 percent vacancy rate (56
percent of that availability comes from the
largely undeveloped Marine Industrial
Park); an 83 percent rise in Class B rents
(from the high $20’s to the low $40’s) in
less than two years; and 3.1 million sf of
new construction. Most
of that space has
already been spoken for,
but in a question-andanswer session later,
Barry downplayed the
chances of speculative
construction
hitting
Douglas Poutasse downtown anytime soon
given a lack of viable sites and increasing
n
construction costs in the region.
(Editor’s note: Further coverage of the
NAIOP/SIOR
review/forecast
will
appear in the upcoming Real Reporter,
including the laboratory, suburban
office, Cambridge and Capital Markets
presentations.)
20
THE REAL REPORTER
November 26, 2013
Heritage Tenants
continued from page 1
developer scrambles to reposition a
358,000-sf office park in North Quincy,
Campanelli President Daniel DeMarco
puts asking rents at Heritage Landing in
the low- to mid $20’s per sf, or less than
half that being commanded a 15-minute
subway ride away in the Hub’s white-hot
Seaport and Financial Districts.
“We would not have bought the building
without the public transportation,”
DeMarco explains in an
interview celebrating the
firm’s signing of its first
tenants at the one-time
State Street Corp. buildings secured in June for
$16.3 million in partnership
with
TriGate
Daniel DeMarco
Capital. Offering dramatic vistas of the Hub skyline and Boston Harbor,
Heritage Landing’s proximity to downtown
would be a far harder
sell, he opines, were it
not a five-minute walk
from the North Quincy
Peter Brown
MBTA Red Line stop to
Boston and also just one station from
Quincy Center to the south. The park, coupled with a generous on-site parking ratio
of four vehicles per thousand sf leased,
gives by DeMarco’s estimates a constituency filling some five million sf in the metropolitan Boston and South Shore submarkets that Campanelli and leasing agent
Cushman & Wakefield are targeting as likely candidates.
Q3 figures from Jones Lang LaSalle peg
the current asking rent for downtown
Boston at $50.12 per sf and the Seaport at
$43..21 per sf, with the Back Bay checking
in on the high-water level at $53.65 per sf.
That submarket has seen rates flatten over
the past year, JLL reports, but Financial
District rents are up 7.4 percent and the
Seaport figure is up 3.6 percent YOY.
Things have become so charged of late
that talk of speculative construction has
begun to circulate, often beaten down by
the realities of site acquisition and surging
construction costs. In buying the North
Quincy assets that date to the early 1980s
for a fraction of replacement cost, DeMarco
can create the pricing delta but not at the
NAIOP/SIOR Annual Review and 2014 Forecast, Boston MA
expense of amenities and qualities
A tag team of C&W leasing protenants are clamoring for in order
fessionals is drawing from both
to attract top talent.
suburban and downtown sources,
“We think of it as doing a specand those efforts have led to
ulative building at half the cost,”
Magellan Jets signing on for 5,000
DeMarco says, with the process
sf and PharmaLogics Recruiting
even more streamlined given the
taking 8,500 sf to accommodate a
firm’s legacy as a construction
staff of 40 who are focused on
company turned developer that Michael Frisoli
finding top professionals for firms
has produced some 20 million sf in
in the life sciences arena. “These
its time along the Eastern
are two high-quality companies,
Seaboard. The process has been
and we are excited to welcome
refined this decade as Campanelli
them to the property,” says
took advantage of a strong cash
DeMarco, crediting in-house leasposition and the underwater New
ing director Peter Brown and
England real estate market to
C&W for the deals which come
acquire and retrofit properties
barely five months after work
throughout Massachusetts and David Martel
began on the nine-story, 185,000into southern New Hampshire. In
sf Two Heritage Dr., where both
some respects, Heritage Landing
firms will occupy their new
is a continuation of that run, albeit
offices. C&W has downtown speon a larger scale and in perhaps
cialists David Martel and Jason
the best position yet to attract traRoth plumbing those opportuniditional Boston and Cambridge
ties while Michael Frisoli and Matt
tenants who still rely on employee
Morgan peddle the space to subretention. Dallas-based TriGate
urban firms.
has participated in several of Matt Morgan
Magellan Jets is hailing from
those ventures, the latest which is
Quincy Center and PharmaLogics
being backed by $26.2 million in
Recruiting is consolidating operafinancing from Brookline Bank.
tions from both Boston and
“We bought the buildings as a
Braintree on a lease that comvalue-add opportunity that we felt
mences in March. Specializing in
could be positioned to meet the
providing charter flights and prineeds of tenants today on pricing
vate jet memberships, Magellan
and location and accessibility,”
Jets is scheduled for arrival on
DeMarco outlines. “We wanted to Jason Roth
Jan. 1st. “Campanelli did a great
make this a fun and vibrant place for job of selling their vision to us,” says
employees . . . and we are very pleased with founder and CEO Joshua Hebert, praising
the velocity and strength of the tenants the pioneering lease “in what we know will
continued on page 21
who are taking a look at the opportunity.”
November 26, 2013
THE REAL REPORTER
21
1900 Crown Colony
continued from page 1
tenant base that has Arbella in 38 percent
of the space, plus being in one of suburban
Boston’s leading business centers, Crown
Colony Office Park. But wait—there’s
more—Campoli relays of an asset market
watchers estimate could top $20 million.
“It is a distinctive, institutional quality
asset that also has a significant value-add
aspect,” Campoli explains to the Real
Reporter in confirming the assignment.
“You just don’t find that (combination)
very often, and we do think it will attract a
lot of interest.” Prior
Real Reporter articles
have detailed major
players shying from
core real estate partly
1900 Crown Colony, Quincy MA
due to overheated pricing, but also because to help dissect current conditions and
yield prospects are lim- opportunities.
Lisa Campoli
ited in such instances as
The Colliers leasing contingent of James
Riverside Center in Elcock, David Goodhue and Caleb Hudak
Newton, which set a has already assisted Arbella in planning for
suburban record of $385
its facilities at 1900 and
per sf when bought by
the abutting 1100 Crown
Hines Global REIT this
Colony where the propspring even in being
erty and casualty insurer
sidestepped by several
is
headquartered.
regional investors need“Arbella is a great group
Gail McDonough
ing higher returns.
to work with, and they
Those could be proffered given approxihave really taken excelmately 30 percent of 1900 Crown Colony James Elcock
lent care of the building
is available for lease in an improving South
during their stewardShore office market that Colliers materials
ship,” says Campoli, likenote has generally been an even-keeled
ly making the buyer’s
climate for office buildings. Situated 10
prospects for filling the
miles from downtown Boston and providvacancy. While that
ing access to the MBTA Red Line, Crown
occurs, notes Campoli,
Colony Office Park has been especially
the new owner will beneresilient in an area rocked by the 2008
fit from a long-term lease
recession. Colliers third quarter research David Goodhue
with Arbella and some
pegs the submarket’s current vacancy rate
45,000 sf rented to thirdat 20.9 percent thanks to 125,150 sf of
party tenants who propositive net absorption thus far in 2013,
vide further income.
including more than 27,000 sf in Q3. A
The four-story strucdearth of speculative construction, owner
ture that dates has effioccupancy and “excellent employee
cient floor plates that
demographics” are other reasons Colliers
make it suitable for sublists in preparing for a surge of suitors to
dividing, adds Campoli,
its fresh listing. Joining Campoli on the Caleb Hudak
and is in an “amenity
campaign are Capital Markets colleagues, rich” park that offers an environment
Gail McDonough, Anthony Hayes and desired among suburban denizens. The
Timothy Mulhall, while the firm’s subur- 1.1-million-sf South Shore Plaza is among
ban south leasing team has a longstanding the nearby retail options further bolsterrelationship with Arbella and is available ing the area's Live/Work/Play elements. n
Heritage Tenants
continued from page 20
be one of the best suburban office buildings south of Boston.”
DeMarco welcomes such feedback, and
credits the vision of architect Margulies
Perruzzi and the structure itself for an efficient layout that can accommodate a multitenanted format and service denizens
needing anywhere from 5,000 sf up to the
entire amount (save for 14,500 sf). Space
users of all sizes in that realm are welcomed, he says, but confirms Campanelli is
keenly aware of a dearth of six-figure
opportunities. The hope, he says, is that
any tenant needing at least 20,000 sf will
consider Two Heritage Dr., the first of the
assets being retrofitted. That process has
gone smoothly to date, reports DeMarco,
crediting the former owners for investing
some $100 million to modernize the physical plant of the two structures, leaving base
building improvements the major work
remaining. Other features are a modern
conference center, high-end fitness facility
and full-service cafeteria operated by wellknown Boston eatery Sebastians.
Having been able to get a good feel for
the properties since taking over, DeMarco
says he is impressed by the 22,000 sf floor
plates in Two Heritage Dr. that enable four
tenants to occupy each level while maintaining their own identity. Ample window
lines and a 360-degree view from the propn
erty are further attractions, he says.
THE REAL REPORTER
22
November 26, 2013
A Street Property
continued from page 2
nearing an end, as do the historic
rental rates that has created a
boom of interest in user-oriented
real estate buys. “It is still a good
time (for CRE acquisition), but it
can’t last forever,” acknowledges
Freid, who is handling the expected line of suitors with colleagues
Adam T. Meixner and Jordan B.
Sneider, a trio that does not need a
GPS device to find their way
130-150 A St., Needham MA
around the streets of Needham
and Newton, having claimed Route Business Center that is undergoing a
128/Mass Pike communities as their major transformation into a Live/Work/Play park
focus, and one assisting mid-market activ- similar to that occurring in the Burlington
ity on both leasing and sales assignments. office market north on Route 128. A
“We’ve been busy,” Freid says in noting 290,000-sf Normandy development where
the submarket did struggle in the reces- TripAdvisor has just signed on for 200,000
sion along with the rest of New England, sf is among the catalysts for change, with
but has helped lead the Route 128 restaurants and retail being brought into
rebound that now has it among the the mix, partly due to an easing of zoning
by the town of Needham which has seen
Northeast’s leading business beltways.
Besides being able to take on the space the LWP concept well-received elsewhere.
quickly, 130-150 A St. provides a range of Those factors, according to BRA, will conoptions as a flex/office building, and is sit- tinue to drop vacancy that will lead to
uated in the repositioned New England even more development, “making this one
RePrints
of the premier parks to be located in during the near future.” Elaborates Freid:
“We think it is a pretty happening spot
right now in one of the strongest submarkets in eastern Massachusetts.”
With that momentum, BRA is hitting
the ground running. “We are going to be
waving a big flag on this,” Freid says, given
the broad constituency 130-150 A St. can
accommodate. The market will be asked
to set pricing, he says, but Freid does predict user demand will drive the day. “It is
going to be hard for an investor to comn
pete with a user,” he says.
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November 26, 2013
THE REAL REPORTER
23
Jay Dacey
continued from page 6
for a short time, went to work for APC
Skills as a management training consultant for oil industry related businesses. All
of which serendipitously prepared him to
begin his construction career in earnest
when a friend got him a job with the
Flatley Co., one of New England’s most
prolific developers.
“I sort of merged a college degree,
pouring concrete, and framing with some
management skills, and that’s what I took
to Flatley,” said Dacey. Once there, he
gained proficiency in property management and building renovation, along with
the art of structuring business relationships, which would later become the hallmark of Integrated’s success. After learning the ropes in those areas, Dacey was
promoted to head of operations for the
firm, and was overseeing eight million sf of
space with 500 employees working for
him. But in 1990, it was time to reposition
himself once again, as he and fellow
Flatley alumnus Daniel D. Russell (now
president of Sears Point Development)
left the firm to start Integrated Builders.
“At Flatley, I really learned the market
that I ended up staying in – suburban
office, R&D, manufacturing, retail – and
that’s where I learned the core of our business, and that’s where I met the contacts
that helped us to create the business,”
Dacey relays.
The co-founders parlayed those contacts into procuring commercial projects,
with their first large scale assignment
being former computer manufacturer
Data General. Integrated renovated in
excess of one million sf between the
Westborough and Southborough campuses for the pioneering company over a
seven-year span, and that relationship
continued after DG was acquired by EMC.
Since 2000, Integrated has completed a
host of assignments for the data storage
giant, including a call center at Building
Four in Southborough; a data center in
Hopkinton; engineering lab and data center upgrades at 4400 Computer Drive in
Westborough; and most recently, a 12,000
sf interior build out for a new sales office
at 75 Wells Avenue in Newton.
Dacey and Integrated have also fostered strong relationships with Equity
Industrial Partners and the Calare
Riverview Technology Park, Tewksbury MA
Properties, who partnered with Hackman
Capital on two complex renovation projects, the Evergreen Solar facility at 112
Barnum Rd. at Devens Commerce Center,
as well as the 700,000 sf Riverview
Technology Park in Billerica/Tewksbury.
Integrated completed Phase One of the
$30 million, multiyear build out project at
Riverview early last summer and Phase
Two is currently underway.
William Manley, managing partner and
chief investment officer at Calare, says he
first met with Dacey and Integrated “1015 years ago” and has employed the company on a variety of projects in roles ranging from pre-construction to completion.
Manley credits Dacey’s pre-construction
analysis and expertise in separating the
complex and redundant electrical,
mechanical, compressed air, and HVAC
systems at 112 Barnum to create a multitenanted building. “Jay basically cut the
building in half for us, which sound really
simple, but it was ridiculously complicated,” explains Manley. “We really have to be
a specialized group to understand what
today’s commercial tenants want, and Jay
and his group are out in the market and
they know. There’s a very small group of
companies that can do projects (like
Riverview and 112 Barnum) and
Integrated Builders is one of them,” said
Manley.
Maintaining successful relationships
has translated into growth for the construction management firm, and Dacey
says that head count has grown from 17 to
25 over the last 18 months. The firm has
averaged $30 million to 40 million in revenue since the end of the recession, and
Dacey says he expects that number to
increase in 2014, based on his current
backlog. “The keys to our growth begin
with the fact that we’re almost 25 years
old and we have a long history with a lot of
companies, so those relationships are
what we’ve been building on for most of
our work,” said Dacey.
n
The Real Report
continued from page 7
justify the building’s rapid value ascension.
An upgrade in 2006 further bolstered its
worth, according to a Seaport District broker who terms the pending sale “a great
story” for both San Francisco-based
DivcoWest and the enduring building.
Calls to DivcoWest and HFF were not
returned by press deadline. Sources could
not say who in the firm’s Capital Markets
Group is overseeing the negotiations. HFF
last year sold 51 Sleeper St. as part of a
four-building portfolio, yielding $106.7
million for that 362,000-sf package. In
that instance, Senior Managing Director
Coleman Benedict and Director Benjamin
Sayles handled the sales portion, with
debt experts Riaz Cassum and Lauren
O’Neil Goff securing a $31 million mortgage from Eastern Bank. Market sources
could not say whether the financing is
being assumed by TIAA, one of the counn
try’s largest pension funds.