 |
| Rendering of The Arsenal Mall, Watertown, MA |
 |
| Jonathan Bush Jr. |
BOSTON, MA – HFF announced today that it has represented SPG
Arsenal, L.P. and Arsenal HCHP, LLC in the sale of The Arsenal Mall, an
adjoining retail building occupied by Golfsmith, and the Harvard Vanguard
Medical Associates Building in Watertown, Massachusetts to BP Watertown
Retail, LLC, a joint venture between Boylston Properties,
The Wilder Companies and Jonathan Bush, Jr. the CEO
and co-founder of corporate neighbor athenahealth.
 |
| John H. Pelusi Jr. |
HFF
also worked exclusively on behalf of the BP Watertown Retail, LLC to secure the
acquisition financing, which was provided by RBS Citizens. Loan proceeds were used to acquire the
assets and provide capital for some near term lease-up.
The
properties are located along the banks of the Charles River on Arsenal Street
close to the Massachusetts Turnpike, North Beacon Street and Harvard Business
School.
 |
| John Fowler |
The Arsenal Mall is 93 percent leased to specialty and
outlet stores including Old Navy, Ann Taylor Factory Store, Forever 21, Sports
Authority and Marshall’s, and the office building is fully leased to Harvard
Vanguard Medical Associates on a long-term basis.
The
HFF team representing the seller was led by executive managing director and
managing member John H. Pelusi, Jr., executive managing director John
Fowler and senior managing director Coleman Benedict.
 |
| Coleman Benedict |
The HFF team advising the borrower was
led by senior managing director Fred Wittmann and director Lauren
O’Neil.
“This
presented a unique opportunity for the buyer to acquire an infill asset with
great potential upside,” said Benedict.
“The competitive nature of the financing request given the high profile
deal and strong sponsorship led to a great outcome for the borrower.”
“RBS
Citizens offered attractive terms and executed in a compressed timetable in a
flawless manner,” added Wittmann.
Boylston Properties Company, Inc. is an urban mixed-use developer based
in Boston with experience in a wide range of successful projects including
corporate headquarters, retail, office, residential, research facilities and
mixed-use properties.
 |
| Lauren O'Neil |
Boylston
Properties draws upon 30 years of development experience in Boston, the last 10
years of which have been concentrated in the Longwood Medical Area/Fenway
Neighborhood of Boston.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
No comments:
Post a Comment