Patriot Ledger, SouthOfBoston.com
North Quincy sees BOOM in development after previously lagging other neighborhoods
The northern end of Hancock Street is a hodgepodge of commercial and industrial properties. Take-out joints and a car wash sit side-by-side with machine shops and office towers.
But in recent years, developers have seen potential to transform the area into a convenient enclave for Boston commuters and visiting tourists.
Neponset Landing, a 12-story apartment complex, has already become the dominant feature of the North Quincy landscape. The complex, which is being built by Lee Kennedy Co. of Dorchester for Stoughton-based Conroy Development, will promote its roomy penthouse units and dramatic Boston skyline views.
‘‘It’s minutes away from downtown Boston and that’s a big attraction to us,’’ Conroy Development President Terry Conroy Jr. said.
Neponset Landing will try to distinguish itself from other recent competing high-end rental complexes such as the 200-unit Ten Faxon in downtown Quincy and the 316-unit Archstone Quarry Hills in West Quincy by touting its downtown Boston views and roomy living spaces. Units will range up to 1,500 square feet in size.
Boston Business Journal
Conroy Development sells two Mass. buildings for $24M
Conroy Development Corp. sold two suburban office and warehouse buildings for a total of $24 million in two separate transactions.
The first building is a 405,628-square-foot warehouse located on 18.5 acres off Rt. 24 in Avon, Mass. Calare Properties Inc. of Hudson, Mass. purchased the former Reebok warehouse at 57 Littlefield St. for $20 million. The property is currently occupied by multiple tenants including Excel Logistics.
The second building is a 55,610-square-foot office building located on 4.2 acres at 23 Crosby Drive in Bedford, Mass. The property was acquired by Lexington, Mass.-based Marley Properties for $4 million. The building was previously occupied by Eastman Kodak and is currently occupied by tenants including Caliper Systems Inc.
The Boston office of Newmark Knight Frank negotiated the sale of both buildings on behalf of Stoughton, Mass.-based Conroy Development Corp.
Boston Business Journal
Millennium Graphics Plans to Relocate
Millennium Graphics Inc. signed a lease for 165,000 square feet and will relocate its production headquarters. The printing services firm will move from its Norwood facility to the 200,000-square-foot building located 26 Dartmouth St. in Westwood.
The building is located in the University Avenue Business Park and abuts a new 4.5 million-square-foot mixed-use project being developed nearby by Cabot, Cabot & Forbes. The office and warehouse building was renovated in 1999 and features a new facade and glass-enclosed lobby. The commercial real estate firm Cushman & Wakefield of Massachusetts Inc. represented the tenant and the landlord, Conroy Development Corp., in the lease transaction.
Millennium Graphics was founded in 1998 and serves 100 clients printing needs. Conroy Development Corp. was founded in 1982 and has developed and invested in seven million square feet of property in Greater Boston totaling more than $500 million in value.
REJournal.com
Ashforth Paradigm Capital and Guggenheim Acquire 210,700 s/f Warehouse
BELLINGHAM, MA Ashforth Paradigm Capital Advisors, LLC (APCA), has acquired 190 Mechanic St., a recently developed 210,700 s/f, first-class warehouse facility situated on 19 acres, for $17.715 million. Built in 2005, the property is located on Rte. 140 off of I-495 at exit 17, and includes high loading bays and 30-foot clear height.
APCA acquired the property together with Guggenheim Real Estate. “We are extremely pleased with the acquisition of 190 Mechanic St.,” said Steve Allison, chief investment officer of APCA.
The warehouse is 62% occupied by Ethan Allen, a home furnishings distributor and retailer; and O’Charley’s, a restaurant holding company operating/owner of the local 99 Restaurants’ chain. Adding value to the property is its 34,000 s/f of freezer space, currently leased by O’Charley’s. The partnership’s investment strategy is to lease the vacant space and hold the building for 5-7 years.
Richards Barry Joyce & Partners represent seller, Bellingham Mechanic, LLC.
REJournal.com
CBRE | Melody Arranges Financing for Neponset Landing Apartments
QUINCY, MA CBRE | Melody has arranged construction financing for Neponset Landing, a 280-unit class “A” apartment community. Michael Prakken, senior director and Sean McKenna, director of CBRE | Melody’s Boston office, secured the financing for Conroy Development. CBRE | Melody obtained and structured the construction financing through Wachovia Bank. CB Richard Ellis/New England simultaneously arranged for the property to be pre-sold to Northwest Mutual, a Milwaukee-based real estate investor and leading provider of life insurance.
“We arranged the construction financing which complemented the pre-sale arranged by CBRE-New England,” said Prakken. “Neponset Landing will clearly be one of the preeminent apartment buildings in Greater Boston.”
Added Peter Chow, senior vice president of Wachovia’s Boston office, “Conroy Development has put together a first class team to develop what will be one of the best residential projects on the South Shore. CBRE | Melody did a great job in bringing together the debt and equity for this project.”
Neponset Landing was designed by the The Architectural Team and is being built by Lee Kennedy Co., Inc. The building has been designed to comprise ten stories above 2 levels of parking.
GlobeST.com
99 Restaurant Preleases 78,000 SF at Bellingham Business Center
BELLINGHAM, MA-The facility is currently under construction and the developer expects it to open by mid-July. The property will be used as a distribution facility for the restaurant chain’s locations throughout New England. The building is currently under construction and the developer, Conroy Development of Canton, expects the facility to be completed by July 15.
“The fact that (the facility) already has a significant portion leased before construction is a testament to how attractive [the package is],” says John Lashar, partner at Richards Barry Joyce & Partners. “We have seen significant interest in the remaining space.”
When completed, Bellingham Business Center will be a single-story, 210,000-sf, high-bay distribution facility with a 30-foot clear, ESFR sprinkler system and a 120-foot truck court. Located on Route 140, directly off Interstate 495, the 19-acre site is in close proximity to retail, day care and the Forge Park commuter rail station.
Lashar, Brian McKenzie and Paul Leone of Richards Barry Joyce & Partners represented Conroy Development Corp., while the Nine-Nine Restaurant and Pub were represented by Mitch Bolotin of Colebrook Realty Services. Terms of the lease were not disclosed.
New England Real Estate Journal
Richards Barry Joyce & Partners and Colebrook Realty lease 78,000 s/f to Nine-Nine at Bellingham Business Center
BELLINGHAM, MA Richards Barry Joyce & Partners, LLC (RBJ) brokered a 78,000-s/f lease on behalf of Conroy Development Corp. at the Bellingham Business Center. The Ninty-Nine Restaurant and Pub will utilize the location as a distribution facility for its restaurants throughout New England.
Bellingham Business Center is a high-bay distribution center that is currently under construction by Conroy Development. When completed, it will be a single-story, 210,000-s/f building, featuring 30’ clear, ESFR sprinkler system and a 120’truck court. Additionally, the Nine-Nine Restaurant and Pub will add a freezer and cooler component to its space.
Richards Barry Joyce & Partners is the exclusive leasing agent for Bellingham Business Center. The development is expected to be completed July 15, 2005.
John Lasher, Brian McKenzie and Paul Leone of Richards Barry Joyce & Partners represented Conroy Development Corporation. The Ninety-Nine Restaurant and Pub was represented by Mitch Bolotin of Colebrook realty Services.