News: Front Section

Transwestern arranges $28 million loan for First Highland Management and Development Corp.

63, 65, 67, 75-101 and 91 Sprague Street - Boston, MA

Boston, MA Transwestern arranged a $28 million loan on behalf of First Highland Management and Development Corp. to refinance Boston | Dedham Commerce Park, a five-building industrial park at 63, 65, 67, 75-101 and 91 Sprague St. The permanent financing loan was arranged by Transwestern partner Chris Skeffington and vice president Andrew Stone through East Boston Savings Bank.

“First Highland’s hands-on management of the park makes it an attractive destination for both suburban and urban tenants, resulting in an asset with strong, durable cash flows,” said Skeffington. “East Boston Savings Bank recognized the value of urban industrial product in today’s market and proved to be a fantastic partner in this transaction.” 

Boston | Dedham Commerce Park encompasses 654,050 s/f of class A industrial space. Located inside the Rte. 128 beltway and adjacent to the Readville commuter rail stop, the park is currently 8% leased to more than 30 tenants, including RR Donnelly, Dancing Deer Baking Co., and Sky Zone Boston.

According to Transwestern research, Boston’s Central Areas submarket consisted of 3 million s/f of warehouse space with 2% vacancy at the close of fourth quarter 2016. During the past 15 years, warehouse inventory in this submarket declined by nearly 55%, while vacancy rates decreased by 80% during the past decade.

First Highland acquires, develops, redevelops, and manages industrial real estate. The Company’s innovative approach to projects and the experience of its principals have led to the successful development and redevelopment of over 18 million square feet of industrial property in the Midwest and Northeast markets. With over 100 years of combined experience of its principals, and with a history of responsiveness to its customer base of businesses, brokers, and owners, First Highland is well positioned for the industrial opportunities of the future. www.firsthighland.com

Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Quick Hits
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary