The Real Reporter July 8, 2010

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Quincy Quarry

QUINCY — What a difference adecade can make.

Heaped among a national packageof 40 properties that reaped $1.35billion, the sale of 1100 CrownColony Dr. here to close out thesecond quarter was valued at $19.6million, providing a healthy discountfor the new ownership. DividendCapital Total Realty Trust ofDenver secured the portfolio of 9.9million sf that was listed by HollidayFenoglio Fowler on behalf of iStarFinancial, paying just over $130 persf for the assets.

The 132,000-sf Quincy propertyhad been purchased by iStar prede-cessor TriNet Properties for $25million in June 1998. That amounts

THE REAL REPORT

THIS WEEK’S ISSUEMore Nagog . . . . . . . . . . . . . . . . . . . 2Filling Fifty . . . . . . . . . . . . . . . . . . . . 3Entrepreneur for Life. . . . . . . . . . . . . . 4Mass Millions . . . . . . . . . . . . . . . . . . 5Russia Espied . . . . . . . . . . . . . . . . . 12 BY JOE CLEMENTS

WOBURN—In a six-fig-ure agreement thatfills an empty build-

ing here and introduces agrowing career trainingschool to suburban Boston’snorthern tier, the Porter &Chester Institute has leasedall of 8 Presidential Wayfrom the Campanelli Cos.and Commonfund Realty.

continued on page 17

JULY 8, 2010

Your Source for Commercial Real Estate News

BY JOE CLEMENTS

BOSTON—Even after enduring one ofthe harshest periods ever for retailreal estate, a package of eight New

England shopping centers that was pulledoff the sales market in late 2008 appearsto be none the worse for wear as ownersHeitman and a California pension fundagain try to find a taker in the $100 millionrange. Still at 98 percent occupancy, theportfolio’s resiliency through the crash

C&W to Broker 650,000SF Retail Package

1100 Crown Colony Dr., Quincy MA

Presidential Woods Gets the VoteFor New 105,000SF Career Center

BY JOE CLEMENTS

WALTHAM—Suburban office build-ings still face a prolonged convales-cence from the economic malaise

that has ravaged landlords nationally, butafter spending nearly two yearsflat on their backs, that con-stituency is finally movingtowards a recovery at the locallevel, according to industryexperts spoken to this week.

“There’s a bit of lift in the mar-ket, no question,” reports Grubb& Ellis principal Jack Kerrigan.

“You feel it, you hear it, you see it gettingstronger everyday.” The veteran brokersounds substantially more upbeat than hedid during a 2010 forecast last Decemberwhen he fretted the difficulties could

linger into next year. But for var-ious reasons, the pace quickenednoticeably in the second quarter,says Kerrigan, whose own firmjust negotiated a quintet of dealsfilling nearly 40,000 sf at theWaltham Watch Factory onbehalf of Berkeley Investments.

Rising Tide Lifting the Better Boats

8 Presidential Way, Woburn MA

Shaw’s Plaza, Hanover MA



Jack Kerrigan


2 THE REAL REPORTER July 8, 2010

BY JOE CLEMENTS

ACTON — At just $20 per sf, 100Nagog Park is priced to move, andbroker Matthew Pullen of CBRE/New

England says suitors are responding inkind, scrambling for information on the

195,000-sf office build-ing even as the market-ing campaign kicks offduring a normally lan-guid period for invest-ment sales.

“There is great activ-ity already,” conveysPullen, including oneday this week when 10showings were on tapfor the CBRE/NE teamhired by LehmanBrothers to sell a prop-erty that has beenvacant for five yearssince being acquired viaa foreclosure. Pullen

and CBRE/NE principal William Moylanare overseeing the campaign with assis-

tance from leasing experts RobertMcGuire and Rob Walles.

Pullen attributes the attractive pricingas a key contributor to the early ardor.Even minus an income stream, 100 NagogPark is assessed at more than $14.5 mil-lion and is being offered at a fraction ofthe estimated replacement cost of $200per sf. Lehman for various reasons did not

aggressively pursue a re-tenanting initia-tive after taking back 100 Nagog Park, butPullen is among those who believe such aneffort today could produce positive resultseven in the down economy.

“It will allow the new investor to bevery competitive on leasing,” relaysPullen, who says the building is solid phys-

The North Shore'sideal business locale

cummings.com978-922-9000

150 SF to 100,000 SF suites

Fully outfitted, new Incubator Labs

Small-office clusters known as Indepen-dence Suites

Furnished Community ConferenceRoom for client use

Museum-quality displays showcasingthe buildings’ rich history

Onsite amenities include six restaurants,fitness facilities, free garage parking,daycare, print/copy services, salons,spas, and healthcare services.

Located 18 miles north of Boston inthe historic city of Beverly, just onemile from Routes 128, 1, 1A and 62.On-site MBTA and CATA bus service,nearby commuter rail and airport.

Lehman Hires CBRE/NE to Sell 100 Nagog Park


Matthew Pullen

100 Nagog Park, Acton MA

William Moylan

BOSTON—Owner Ruben Companieshas recently executed lease transac-tions for a total of 50,025 sf of first

class office space at One Exeter Plaza, asignature office building in the heart ofBoston’s Back Bay. The agreementsinclude International Data Group for15,451 sf; the Consulate General ofPortugal signing for 5,925 sf; Rapid7 leas-ing 5,825 sf; Stax Inc. taking 5,475 sf andthe Alosa Foundation filling 5,300 sf.Jones Lang LaSalle is exclusive leasingagent for One Exeter Plaza.

“We are pleased with the high qualityof these new tenants, who join our alreadyimpressive roster,” says Ruben Cos. princi-pal Jonathan Yormak in a press releaseannouncing the completions. JLLManaging Director William Motley, SVPBrad McGill and Assistant VP KatherineSmall served as brokers representing thelandlord.

On the tenant side, Richards BarryJoyce & Partners represented IDG. UGLEquis negotiated for the Consulate

General of Portugal and CBRE/NewEngland represented Rapid7. Stax wasadvised by JLL SVP Peter Bekarian andAssociate Patrick Nugent, while Caslerand Co. acted on behalf of Alosa

Foundation.One Exeter Plaza is a 15-story mid-rise

building located on the corner of Boylstonand Exeter Streets, one block from CopleySquare. It features a new three-story mar-ble lobby, refurbished tenant lobbies, andupgrades to the elevators and restrooms.Other features cited by the brokersinclude panoramic views of the city sky-line and Charles River, an efficient andflexible office layout with floor plates of14,700 sf, and on-site property manage-ment services provided by the Ruben Cos.

Other tenants of the building includeDisney/ABC, Cornerstone Research andWells Fargo. In the wake of the recentleasing effort, One Exeter Plaza has about30,000 sf available in increments from1,400 sf to 14,875 sf. Besides the proper-ty’s physical attractions, McGill credits theownership for enabling the brisk activityeven in a market which has suffered fromthe recession. “Ruben Cos. has beenrewarded for outstanding management,

July 8, 2010 THE REAL REPORTER 3

Back Bay Office Landmark Fills 50,000SF


One Exeter Plaza, Boston MA

Owned & managed by:

DAVID B. [email protected]

CALEB W. [email protected]

JAMES L. [email protected]

QUINCY, MASSACHUSETTS

2,500-15,000 SFOffi ce Space Available

Colliers Meredith & Grew | 160 Federal Street | Boston, MA 02110 | www.colliersmg.com

Bob Conrad & Paul McCourtThe Conrad Group, Inc.

4,192 SF

Dan SullivanCresaPartners LLC

2,173 SF

Mark CarangeloEquitable Real Estate Solutions

12,072 SF

Campanelli Companies and Colliers Meredith & Grew thank the following tenants and brokers in connection with their lease transactions at 300 Crown Colony in Quincy, Massachusetts:


BY JOE CLEMENTS

In lauding Maria J.Krokidas upon beingnamed Entrepreneur of

the Year by New EnglandWomen in Real Estate,clients, colleagues andfriends share one lament—the salutation was WAYoverdue.

“She has been doing thisforever,” says Richard M.Bluestein, quite familiarwith his partner thanks tospending 28 of the firm’s 30years at what is nowKrokidas & Bluestein, a mid-sized Boston practicelaunched in 1980 to providepublic-sector expertise andsupport socially conscious endeavors.Joining after a stint counseling the BostonHousing Authority, Bluestein saysKrokidas made him realize that “doing

right by doing good”only helps if the

sponsor stays afloat, an eternal struggle inthe DPS. “Maria taught me how to run abusiness, including making sure to chargeand collect your fees,” Bluestein recalls.Even though K&B still costs about half thegoing rate so public, non-profit and familyowned business clients can afford top-notch legal representation, Bluestein sayshis partner’s managerial acumen andadroit accounting skills have enabled thefirm to survive two brutal recessions,including 1990-1992 when the public andCRE arenas that K&B relies heavily uponwere simultaneously routed. By being“lean and efficient,” the practice that todayhas 22 attorneys survived that crash, andBluestein says lessons learned then havekept K&B from slashing staff in the latestslowdown, save for a few ancillary posi-tions. “Compared to others, we have beenfortunate,” he says, crediting Krokidas.

In a recent interview with the RealReporter, Krokidas said she was caught offguard when picked for the NEWIREaward, envisioning the citation as beingfor a fresh-faced upstart rising through

the ranks of the multi-faceted CRE field, apool from which Krokidas says there aremany viable candidates. “I think we’ve gotsome of the best and brightest people youcan find anywhere,” she says. Krokidasthen learned she was beingfeted for her remarkablelongevity traversing theentrepreneurial high wire.“They said having survivedfor 30 years is pretty impres-sive, and they wanted to rec-ognize that,” she relays.Krokidas gratefully acknowl-edges the intent. “It’s a greathonor and I am very touchedby their thoughtfulness,” shesays of the award that waspresented in April during aceremony at the FairmontCopley Plaza Hotel inBoston’s Back Bay.

Of course, Krokidas couldhave also been selectedbased on current perform-ance after deftly guiding thefirm though what Bluesteinand she both accede was theworst of the fiscal droughts encounteredin its history. Krokidas says that cata-strophic crash underscores the strugglesfacing entrepreneurs no matter how long

they have been operating.“Does it ever get any easier?Absolutely not,” she says.“You will always have sleep-less nights.” On the otherhand, she says, the battlescars do remind one thatbetter times are in the off-ing. “You have confidenceyou will survive,” sheexplains. “In the first fewyears, you aren’t so sure.”

Albeit “very slowly,” con-ditions are on the mend thistime as well, says Krokidas.Government stimulus effortshave reinvigorated manydormant public projects forK&B clients in the first halfof 2010, and Krokidas says a

brighter economy has the private sectoragain needing legal services.

Possessing a cooperative staff willingto do double-duty has been key to thefirm’s resiliency, says Krokidas. “Having a

great office manager alsohelps,” she adds, noting eventhe best accounting does notwork “if the bills don’t get sentout.”

Further, K&B has beenadept at choosing lucrativelines of business that can sup-port assignments in the publicand non-profit markets,

Krokidas relays. PartnerBluestein’s litigation practiceand a health care reimburse-ment group led by 25-yearcompany alum Robert J.Griffin are among K&B’s mainmoneymakers. “They havereally helped keep the busi-ness afloat,” she says.

To combat a thin economy,Krokidas steps up her activi-ties on the administration andclient servicing fronts, the lat-

ter a role colleagues consider invaluable.“Maria is a phenomenal client develop-ment person,” conveys K&B attorney

Attorney Maria J. Krokidas

An Entrepreneur of the Years

REAL PROFILE

At some point,I find I have to

go close my doorso I can get my

lawyer fix.

MARIA J. KROKIDAS

“

”


Boston Convention & Exhibition Center, Boston MA


J U LY 2 N D

MORTGAGE: $5,900,000 from People’s UnitedBank, d/b/a The Bank of Western MassachusettsADDRESS: 425 Puritan Rd. and 57 RedingtonSt., SwampscottBORROWER: Cynthia Hatch Belhumeur andR. Thomas Belhumeur

MORTGAGE: $5,900,000 from People’s United BankADDRESS: 1-11 Everett St., RevereBORROWER: Mahoney Circle LLC

BUYER: Cole TS Southwick MA LLCSELLER: TKC LXXXIX LLCPRICE/ADDRESS: $4,399,201; CollegeHighway (Routes 10 and 202), SouthwickNOTES: College Highway (Routes 10 and202); lot size is six acres

MORTGAGE: $3,972,000 from Eastern BankADDRESS: 10 East Belcher Rd., Lots 1A and2B, FoxboroughBORROWER: F.S.C. Realty LLC

BUYER: Holy Bible Baptist Church Inc.SELLER: College Avenue United Methodist ChurchPRICE/ADDRESS: $2,350,000; 14 Chapel St.and 64 College Ave., SomervilleMORTGAGE: $1,645,000 from Winter Hill BankNOTES: Religious-oriented building, taxexempt, constructed 1924; building size is32,925 sf, lot size is 16,550 sf

MORTGAGE: $2,300,000 from Wellesley BankADDRESS: 415, 417, 419 and 419ANeponset, DorchesterBORROWER: John T. Carroll, trustee ofNeponset Circle GC Realty TR

BUYER: 87 Walkers Brook Drive LLCSELLER: Motiva EnterprisesPRICE/ADDRESS: $1,750,000; 87 WalkersBrook Dr., ReadingMORTGAGE: $1,480,000 from NorthernBank & Trust Co.NOTES: Single-story gasoline station and con-venience store; building size is 4,075 sf, lot size is26,500 sf; last sold for $738,200 in Nov. 1998

MORTGAGE: $1,070,000 from PeoplesFederal Savings BankADDRESS: 17-19 Walnut Pl., RevereBORROWER: COB Realty LLC

J U LY 1 S T

MORTGAGE: $23,000,000 from Great-WestLife & Annuity Insurance Co.ADDRESS: 500 Broadway, MaldenBORROWER: Guardian Cliffside LLC

BUYER: TRT NOIP Crown Colony – Quincy LLCSELLER: iStar CTL Crown Colony – Quincy LLCPRICE/ADDRESS: $19,426,766; 1100 CrownColony Dr., QuincyMORTGAGE: $443,030,000* from WellsFargo Bank NANOTES: Five-story office property, constructed1988; building size is 126,575 sf, lot size is 5.4acres; last sold for $25,000,000 in June 1998;*part of national portfolio purchase financedby Wells Fargo Bank NA

BUYER: Lesley UniversitySELLER: Episcopal Divinity SchoolPRICE/ADDRESS: $8,000,000; 99 Brattle St.and 2-4 St. Johns Rd., CambridgeNOTES: Religious-oriented buildings, taxexempt, constructed 1920; 99 Brattle St. is11,350 sf, lot size is 11,350 sf; 2-4 St. Johns Rd.is 8,550 sf, lot size is 8,550 sf; properties includeKidder Hall, Rousmaniere and Washburn Hall

Commercial DealsMILLION DOLLAR MORTGAGES/SALES JUNE 29 - JULY 2, 2010

LEXINGTON — The home of erstwhilelocal landmark Hartwell House

Restaurant has been acquired for$1,500,000 by Hartwell Hospitality LLC.The deal was backed by a $2,400,000loan from Northern Bank & Trust Co.and another $100,000 in seller financing.

Sold by Hartwell Realty PartnersLLC, the 12.825-sf property last tradedfor $2,100,000 in October 2005. Themanagers of Hartwell Realty PartnersLLC are restaurateurs Martin A. Bloomand Robert Hoffman of Newton, betterknown for their involvement in theCapital Grille establishments in GreaterBoston. Ashok Patel of Lexington is themanager of Hartwell Hospitality LLC,and is also a principal at Jamsan Hotel

Management. Jamsan’s headquarters at440 Bedford St., Lexington is the sameas Hartwell Hospitality LLC’s addressand just one mile from 94 Hartwell Ave.It is unclear whether the two entities areaffiliated.

Located on 8.7 acres near Routes 128and 225, 94 Hartwell Ave. is a single-story structure now marking a quarter-century in the eatery industry. Foundedby Laurence Tropeano, the HartwellHouse Restaurant and function facilitywas shuttered five years ago after twodecades in operation. The property hadoperated since 2006 as Max Stein’sAmerican Steakhouse but recentlyswitched its culinary allegiance tobecome Palio’s Italian Grill. n

Hartwell House Site Sells for $1.5M

94 Hartwell Ave., Lexington MA



J U LY 2 N D

MORTGAGE: $2,540,000 from Bank ofAmerica NAADDRESS: 37 Royalston Rd., Lot 19, WellesleyBORROWER: Mary K. Wells and Scott R. Wells

MORTGAGE: $2,300,000 from WellesleyBankADDRESS: 12 Baltimore Rd., Lots 249 and250, NantucketBORROWER: Carroll Advertising Co.

BUYER: Lifei Guo and Trudy D. PangSELLER: University of Pennsylvania*PRICE/ADDRESS: $2,072,000; 26 MonmouthSt., BrooklineMORTGAGE: $1,500,000 from Bank ofAmerica NANOTES: Single-family Colonial, built 1980;house size is 4,450 sf, lot size is 18,300 sf; sixbedrooms, four baths and two half-baths;*granted to the Trustees of the University ofPennsylvania for $1 in March 2010 by Anne C.Gamble and Walter J. Gamble; prior saleoccurred in June 1961; Declaration ofHomestead

BUYER: James Shea and Jennifer SheaSELLER: Arun N. Shastri and Kalpakam A. ShastriPRICE/ADDRESS: $1,600,000; 23 Bay StateRd., Lot 6, WellesleyMORTGAGE: $300,000 from MetLife BankNOTES: Single-family Colonial, built 1950;house size is 3,250 sf, lot size is 17,975 sf; fivebedrooms and 4.5 baths; last sold for$1,590,000 in Dec. 2007

BUYER: Adam M. Hirsch and Rachel H. HirschSELLER: Courtney L. Koenig, trustee of 50Commonwealth Condominium PRICE/ADDRESS: $1,525,000; 50Commonwealth Ave., U-704 and 705, BostonMORTGAGE: $1,000,000 from BostonPrivate Bank & Trust Co.NOTES: Residential units in eight-story condo-minium property; U-704 size is 1,200 sf; twobedrooms and two baths; U-705 size is 850 sf;two bedrooms and one bath; units last soldtogether for $1,525,000 in Aug. 2006

BUYER: Cartus Financial Corp.SELLER: Andrew H. Park and Carole J. ParkPRICE/ADDRESS: $1,445,000; 70 WarrenAve., Lot A, HarvardNOTES: Single-family, built 2004; house size is3,650 sf, lot size is one acre; four bedrooms,four baths and two-half baths; property lastsold for $374,000 in Feb. 2004

BUYER: Andrea Medved and Janos RohalySELLER: Anne M. DeSilva and Rajiv K. DeSilvaPRICE/ADDRESS: $1,365,000; 786Strawberry Hill Rd., ConcordMORTGAGE: $417,000 from AmerisaveMortgage Corp.NOTES: Single-family Colonial, built 1993;house size is 4,800 sf, lot size is 2.5 acres; fivebedrooms and 4.5 baths; last sold for$1,475,000 in Aug. 2007

BUYER: Mark Baglin and Rachel Bloom BaglinSELLER: GRSW Stewart Real Estate TR andGraebel Relocation Services Worldwide Inc.PRICE/ADDRESS: $1,250,000; 171 GreystoneLn., SudburyMORTGAGE: $800,000 from Wells Fargo BankNOTES: Single-family Colonial, built 1993;house size is 4,525 sf, lot size is 40,000 sf;four bedrooms and 3.5 baths; last sold for$1,250,000 in May 2010; Declaration ofHomestead

MORTGAGE: $1,215,000 from ING BankFSBADDRESS: 6 Clay Pit Rd., AquinnahBORROWER: Jennifer J. Born and Matthew T.Born

MORTGAGE: $1,168,750 from DedhamInstitution for SavingsADDRESS: 31 Vine Brook Rd., LexingtonBORROWER: Jalan LLC

BUYER: Lisa W. Simon and Michael D. SimonSELLER: Joseph T. Flueckiger, trustee of A.J.Realty TRPRICE/ADDRESS: $1,125,000; 70 BriarwoodCir., Lot 13, NeedhamMORTGAGE: $417,000 from Needham BankNOTES: Single-family Colonial, built 2008;house size is 4,225 sf, lot size is 20,200 sf;five bedrooms and 4.5 baths; property last soldfor $500,000 in Sept. 2007

BUYER: Fernando J. Patz and Katherine E. PatzSELLER: Charles W. Lowney and Irene M.LowneyPRICE/ADDRESS: $1,092,000; 1362 CantonAve., Lot B and 3B, MiltonMORTGAGE: $873,600 from Sovereign BankNOTES: Single-family Colonial, built 1964;house size is 6,725 sf, lot size is 2.7 acres; fivebedrooms and 3.5 baths

BUYER: Barbara Kaplan and Benjamin KaplanSELLER: James AbrahamPRICE/ADDRESS: $1,050,000; 350 BoylstonSt., U-301, NewtonMORTGAGE: $500,000 from Harold C.GarnickNOTES: Residential condominium in theResidences at Chestnut Hill; unit size is 2,650sf; two bedrooms and 2.5 baths; last sold for$1,199,000 in May 2004; Declaration ofHomestead

Residential DealsMILLION DOLLAR MORTGAGES/SALES JUNE 29 - JULY 2, 2010

An 87-year-old residence just outside Newton Corner has changed hands for $1,100,000, with Sylvia W.Kaufman divesting the 3,200-sf Colonial at 61 Concolor Ave. owned since June 1989. The purchase byChristopher C. Mitchell and Daphne Koinis Mitchell was enabled by $770,000 in financing from SalemFive Mortgage Co. The couple’s new address features three bedrooms and three baths on a lot of near-ly one-half acre.

continued on page 7


J U LY 1 S T

MORTGAGE: $3,800,000 from Reading Co-Operative BankADDRESS: 14 and 34 Brickyard Rd., ChilmarkBORROWER: Preston G. Harris, trustee of GreatRock Bight LP and Great Field Nominee TR

BUYER: Christine J. Galls and Rainer G. GallsSELLER: Cassandra H. Irvine, trustee of 4-5Arlington Street CondominiumPRICE/ADDRESS: $3,150,000; 4-5 ArlingtonSt., U-6, BostonMORTGAGE: $1,600,000 from Bank of America NANOTES: Residential unit in six-story condomini-um building; unit size is 2,550 sf; three bed-rooms and three baths; last sold for $3,250,000in Feb. 2009; Declaration of Homestead

BUYER: Patrick McWhinneySELLER: C. Todd Boes and Julie B. BoesPRICE/ADDRESS: $2,400,000; 3 Acorn St., BostonMORTGAGE: $1,920,000 from HSBCMortgage Corp.NOTES: Single-family brick Row house style;house size is 2,125 sf, lot size is 825 sf; fourbedrooms and 3.5 baths; last sold for$1,000,000 in Feb. 1998

BUYER: Christian A. Abouzeid and Kathleen A.CrowleySELLER: Margaret Louise Lazarus and RennerWunderlich, trustees of 35 Cedar Road Nominee TRPRICE/ADDRESS: $1,695,000; 35 Cedar Rd.,BelmontNOTES: Single-family Victorian, built 1898;house size is 2,775 sf, lot size is 19,975 sf; fivebedrooms and 3.5 baths; property last sold for$430,000 in April 1991

BUYER: Joanna C. Levitan and Richard A. LevitanSELLER: Joanne S. Gill and Thomas D. GillPRICE/ADDRESS: $1,662,500; 263 AdamsSt., Lot 1, MiltonMORTGAGE: $1,237,500 from BNY Mellon NANOTES: Single-family, built 1987; house size is4,950 sf, lot size is 40,036 sf; four bedrooms andthree baths; last sold for $910,000 in Aug. 1988

BUYER: Julia B.P. Coelho and Vivaldi CoelhoSELLER: Pirooz Ehsassi and Rosemary EhsassiPRICE/ADDRESS: $1,645,000; 716 NewtonSt., BrooklineMORTGAGE: $1,200,000 from CitiMortgageNOTES: Single-family Colonial, built 2008;house size is 3,500 sf, lot size is 21,075 sf;four bedrooms and three baths; property lastsold for $622,000 in Sept. 2008

BUYER: Rachel Glennerster and Michael R. KremerSELLER: Joan L. Stein and Robert J. SteinPRICE/ADDRESS: $1,487,500; 227 AspinwallAve., BrooklineMORTGAGE: $670,000 from Sara L. KremerNOTES: Two-family Victorian, built 1885; livingspace is 4,375 sf, lot size is 6,325 sf; last sold for$60,000 in Sept. 1978; Declaration of Homestead

BUYER: George J. Kimball and Marilyn A. KimballSELLER: Catherine S. Parshley and Paul C. ParshleyPRICE/ADDRESS: $1,365,000; 7 HamptonRd., LexingtonMORTGAGE: $650,000 from William F.SmithNOTES: Single-family, built 1987; house size is4,725 sf, lot size is 30,300 sf; five bedroomsand 4.5 baths; last sold for $871,000 in May1999; designed by architect Robert A.M. Stern

BUYER: Douglas A. Zingale and Frances F. ZingaleSELLER: Kathryn A. HeroldPRICE/ADDRESS: $1,300,000; 48 PlymptonRd., Lot 37, SudburyMORTGAGE: $417,000 from the Bank ofCantonNOTES: Single-family Colonial, built 1979;house size is 4,450 sf, lot size is 3.3 acres; fivebedrooms and 3.5 baths; last sold for$410,600 in Feb. 1992

BUYER: Evan O. Grossman and Wendy S. GrossmanSELLER: Jo D. WilliamsPRICE/ADDRESS: $1,200,000; 23 Harris St.,Lot 4, BrooklineMORTGAGE: $417,000 from Prospect MortgageNOTES: Single-family, built 1915; house size is3,450 sf, lot size is 4,175 sf; six bedrooms andthree baths; seller’s ownership dates to April1968; Declaration of Homestead

BUYER: Steven AxonSELLER: Robert R. Turgiss and Susan M.Turgiss, trustees of Turgiss Family Investment TRPRICE/ADDRESS: $1,113,500; 96 JerusalemRd., CohassetMORTGAGE: $835,100 from NE MovesMortgageNOTES: Single-family Cape, built 1968; housesize is 2,425 sf, lot size is 21,000 sf; four bed-rooms and 2.5 baths; last sold for $363,305 inAug. 1991

BUYER: Judith T. Wheelock and Morgan D. WheelockSELLER: Nancy S.K. SonisPRICE/ADDRESS: $1,110,000; 293 GoddardAve., U-293, BrooklineNOTES: Residential unit in cluster-style condo-minium complex; unit size is 3,150 sf; fourbedrooms and 3.5 baths; unit last sold for$255,800 in March 1981


Bank of America has provided $1,280,000 in financing to Darren A. Bovie and Patricia L. Bovie for their$1,600,000 purchase of 7 Hamilton Rd. in Wellesley.The new single-family Colonial has four bedrooms andencompasses 4,800 sf. It was developed by Elmrock LLC, a Natick-based entity managed by David Zaltas.

continued on page 8

continued from page 6


BUYER: Philip A. AberizkSELLER: Alfred G. Clifford, trustee of MilkStreet Realty TRPRICE/ADDRESS: $1,075,000; 80 PleasantSt., Unit 2, NewburyportNOTES: Residential unit in three-story condo-minium building; unit size is 3,150 sf; threebedrooms, three baths and two half-baths; lastsold for $650,000 in Dec. 2003

J U N E 3 0 T H

BUYER: Sabrina J. Baloun-Kavet and MatthewS. KavetSELLER: Michael L. Fay, Jonathan C. Ingbarand Mary Lee Ingbar EstatePRICE/ADDRESS: $3,000,000; 9 Follen St.,U-9, CambridgeMORTGAGE: $1,500,000 from Bank ofAmerica NANOTES: Residential unit in the 9-11 FollenStreet Condominium; unit size is 4,300 sf; fivebedrooms and five baths; unit last sold for$2,400,000 in July 1999

BUYER: Hingham Institution for SavingsSELLER: Joan L. SolomontPRICE/ADDRESS: $2,950,000*; 60 HeathHill, BrooklineNOTES: Single-family Cape, built 1980; house sizeis 4,650 sf, lot size is 19,375 sf; eight bedroomsand 4.5 baths; *Foreclosure deed; prior sale toDavid and Joan Solomont for $58,750 Jan. 1982

BUYER: Connie H. Hu and Jim C. HuSELLER: Christine Gawlick and Rainer J. GawlickPRICE/ADDRESS: $2,500,000; 206Buckminster Rd., BrooklineMORTGAGE: $1,500,000 from MerrillLynch Credit Corp.NOTES: Single-family Colonial, built 1900; housesize is 4,475 sf, lot size is 6,600 sf; five bed-rooms and 4.5 baths; last sold for $1,140,000 inAug. 1997; Declaration of Homestead

MORTGAGE: $1,990,000 from InfomercialMarketing Partners InternationalADDRESS: 8 Linda Ln., NahantBORROWER: Frank Ciampa and Diane Sugrue

BUYER: Elizabeth O’Grady and James O’GradySELLER: Richard A. Leavitt and Susan B. LeavittPRICE/ADDRESS: $1,950,000; 23 UniversityLn., Manchester-by-the-SeaNOTES: Single-family Mansion, built 1900;house size is 6,225 sf, lot size is 1.8 acres;eight bedrooms, two baths and two half-baths;last sold for $1,750,000 in Aug. 2005

BUYER: Mini R. Kolluri and Surya P. KolluriSELLER: Nancy A. WolfPRICE/ADDRESS: $1,900,000; 67Buckminster Rd., Lot 9, BrooklineMORTGAGE: $1,330,000 from Bank ofAmerica NANOTES: Single-family Colonial, built 1893,house size is 4,375 sf, lot size is 17,100 sf; eightbedrooms and 3.5 baths; seller’s ownershipdates to Jan. 1956; Declaration of Homestead

MORTGAGE: $1,650,000 from Nantucket BankADDRESS: 3 Marion St., Lot 5-8, NantucketBORROWER: William Leone

MORTGAGE: $1,650,000 from Nantucket BankADDRESS: 2 Exeter St., NantucketBORROWER: Sarah Conforti-Halford andTommy Lee Halford

BUYER: Darren A. Bovie and Patricia L. BovieSELLER: Elmrock LLCPRICE/ADDRESS: $1,600,000; 7 HamiltonRd., WellesleyMORTGAGE: $1,280,000 from Bank ofAmerica NANOTES: Single-family Colonial, built 2010;house size is 4,800 sf, lot size is 11,500 sf;four bedrooms and 4.5 baths; property lastsold for $610,000 in July 2009

BUYER: Edmund Bellord and Sadaf Roshan BellordSELLER: Monica G. NoetherPRICE/ADDRESS: $1,400,000; 19 LorenaRd., Lot 22A, WinchesterMORTGAGE: $1,120,000 from WainwrightBank & Trust Co.

NOTES: Single-family Colonial, built 1928;house size is 4,650 sf, lot size is 28,750 sf;three bedrooms and 3.5 baths; last sold for$1,300,000 in March 2000

BUYER: Andrew Apstein and Erin ApsteinSELLER: Marissa Carmel and Scott CarmelPRICE/ADDRESS: $1,316,000; 67 Ware Rd.,NeedhamNOTES: Single-family Colonial, built 2008;house size is 4,575 sf, lot size is 10,500 sf;four bedrooms and 3.5 baths; property lastsold for 487,500 in Nov. 2006

BUYER: Lawrence P. Coassin SELLER: Franklin Street Cambridge Holding LLCPRICE/ADDRESS: $1,300,000; 509 FranklinSt., CambridgeMORTGAGE: $975,000 from BNY MellonNOTES: Three-decker residential, built 1855;living space is 3,925 sf, lot size is 4,000 sf

MORTGAGE: $1,240,000 from Bank ofAmerica NAADDRESS: 38 Wanoma Way, Lot 124, NantucketBORROWER: Gary C. Oberting

BUYER: Mohammed A. Aljadaani and Sheri S. TaubSELLER: Daniel Coleman and Kimberly NicoleKhouryPRICE/ADDRESS: $1,188,000; 445 FranklinSt., CambridgeMORTGAGE: $417,000 from RBS CitizensNOTES: Single-family, built 1894; house size is2,100 sf, lot size is 3,600 sf; four bedrooms and2.5 baths; last sold for $1,125,000 in April 2005



A single-family home at 786 Strawberry Hill Rd. in Concord has new owners in Andrea Medved andJanos Rohaly, who paid $1,365,000 for the five-bedroom, 4,800-sf Colonial to Anne M. DeSilva andRajiv K. DeSilva. Acquisition of the 17-year-old property, which last sold for $1,475,000 in August 2007,was secured with a $417,000 loan from Amerisave Mortgage Corp.

continued on page 9


BUYER: Catherine J. Basrak and Timothy E. GenisSELLER: David G. Hunter and Michele Trucksis PRICE/ADDRESS: $1,175,000; 84 DraperRd., Lot 54, WaylandMORTGAGE: $735,000 from TD Bank NANOTES: Single-family Colonial, built 1959;house size is 5,675 sf, lot size is 1.7 acres; sixbedrooms and 4.5 baths; last sold for$1,403,500 in Aug. 2002

MORTGAGE: $1,160,000 from Hyde ParkSavings BankADDRESS: 92 Thorndike St., BrooklineBORROWER: Kamal Ahmad and Sharmi Ahmad

BUYER: Frederick F. Raymond and Jean M. RaymondSELLER: Mary J. Colton and Timothy J. ColtonPRICE/ADDRESS: $1,150,000; 277 AdamsSt., MiltonMORTGAGE: $920,000 from MetLife BankNOTES: Single-family Colonial, built 1910; housesize is 4,500 sf, lot size is 13,485 sf; six bed-rooms and 4.5 baths; last sold for $1,100,000 inJune 2006; Declaration of Homestead

BUYER: Richard A. Leavitt and Susan B. LeavittSELLER: Romaine L. Walker and Stephen S. WalkerPRICE/ADDRESS: $1,130,000; 72 Island Rd.,Lot 1, EssexNOTES: Single-family; house size is 4,225 sf, lotsize is 1.7 acres; four bedrooms and four baths;property last sold for $260,000 in Oct. 1989

BUYER: James M. Johnson and Kristin L. JohnsonSELLER: Richard H. Beinecke and DeborahRichardson BeineckePRICE/ADDRESS: $1,082,000; 61 Lang St.,ConcordMORTGAGE: $342,000 and $523,000 fromBoston Private Bank & Trust Co.NOTES: Single-family Colonial, built 1911;house size is 3,125 sf, lot size is 22,000 sf;four bedrooms and 3.5 baths; last sold for$365,000 in Dec. 1986; Declaration ofHomestead

BUYER: Mark Meltz and Pilar MeltzSELLER: Countryside Building andDevelopment Corp.PRICE/ADDRESS: $1,050,000; 173 TowerRd., LincolnMORTGAGE: $840,000 from MortgageMasterNOTES: Single-family, built 2009; house size is4,025 sf, lot size is 40,500 sf; four bedroomsand 3.5 baths; property last sold for $775,000in June 2008

BUYER: Michael G. Kaufman and Sharon ShachamSELLER: Alison AuPRICE/ADDRESS: $1,050,000; 15 BontempoRd., NewtonMORTGAGE: $725,000 from NewAllianceBankNOTES: Single-family Colonial, built 2010; housesize is 3,000 sf, lot size is 7,350 sf; five bedroomsand five baths; property last sold for $196,750 inJan. 1989; Declaration of Homestead

BUYER: Andrew Waisburd and Beth WaisburdSELLER: Lisa Hickey and Michael HickeyPRICE/ADDRESS: $1,038,000; 55 Station St.,U-2B, BrooklineMORTGAGE: $410,000 and $523,750 fromPatriot Community BankNOTES: Residential unit in low-rise condo-minium property, constructed 2006; unit size is2,050 sf; three bedrooms and 2.5 baths; unitlast sold for $1,059,000 in Oct. 2007

MORTGAGE: $1,000,000 from PeoplesbankADDRESS: 219-393 Memorial Ave., West SpringfieldBORROWER: Alliz Group Inc. and CenturyCenter LLC

MORTGAGE: $1,000,000 from Hyde ParkSavings BankADDRESS: 224 Walnut St., Lot 1, BrooklineBORROWER: Judith R. Darrow and Michael D.Siegel

J U N E 2 9 T H

BUYER: Mark D. Balk, trustee of 37Commonwealth Avenue Nominee TrustSELLER: Joseph R. Jenkins, trustee of 37Commonwealth Avenue Realty Trust IIPRICE/ADDRESS: $10,300,000; 37Commonwealth Ave., BostonMORTGAGE: $7,210,000 from PHHMortgage Corp.NOTES: Four-story apartment building, con-structed 1910; living space is 8,725 sf, lot size is3,725 sf; last sold for $8,850,000 in Nov. 2005

BUYER: Carole J. Pieper and Charles P. PieperSELLER: David S. Landes and Sonia T. LandesPRICE/ADDRESS: $2,700,000; 24 HighlandSt., CambridgeNOTES: Single-family Tudor with auxiliary apart-ment; house size is 5,075 sf, lot size is 13,100sf; seller’s ownership dates to June 1965

MORTGAGE: $2,000,000 from Charles Schwab BankADDRESS: 26 North Beach St., Lot 18, NantucketBORROWER: Steven M. Friedman

BUYER: Xiaooing Cao and Wenhua ZhangSELLER: James P. Berezin, trustee of 78Waban Avenue Realty TRPRICE/ADDRESS: $1,800,000; 78 WabanAve., Newton



An imposing single-family home at 263 Adams St. in Milton has traded for the first time since Aug. 1988.Joanna C. Levitan and Richard A. Levitan paid $1,662,500 to Joanne S. Gill and Thomas D. Gill for thefour-bedroom, 4,950-sf structure that is sited on nearly an acre near the Neponset River Reservation.BNY Mellon financed the deal with a $1,237,500 mortgage. The property last sold for $910,000.



MORTGAGE: $900,000 from US Bank NANOTES: Single-family, built 2002; house size is5,775 sf, lot size is 17,700 sf; five bedrooms and5.5 baths; last sold for $2,150,000 in April 2005

BUYER: Nathaniel S. Dodge IV and Sallie C.Dodge, trustees of Nathaniel S. Dodge IV andSallie C. Dodge Family TRSELLER: Damon M. Wirtanen and Justine A.WirtanenPRICE/ADDRESS: $1,700,000; 24 Tufts Rd.,Lot 328, LexingtonMORTGAGE: $700,000 from Wells FargoBank NANOTES: Single-family Colonial, built 2007; housesize is 4,100 sf, lot size is 17,000 sf; five bedroomsand 4.5 baths; last sold for $650,000 in Sept. 2007

MORTGAGE: $1,650,000 from Nantucket BankADDRESS: 14 Dukes Rd., Lot 10, NantucketBORROWER: Eugene Hanley

BUYER: John A. Reynolds and Tracie L. ReynoldsSELLER: Daniel H. Picking and Susan E. PickingPRICE/ADDRESS: $1,625,000; 21 Parker Rd.,WellesleyNOTES: Single-family Colonial, built 2003;house size is 3,950 sf, lot size is 13,200 sf;four bedrooms and 2.5 baths; property lastsold for $567,500 in Aug. 2002

BUYER: Catherine Paquette and David PaquetteSELLER: James M. Johnson and Kristin L. JohnsonPRICE/ADDRESS: $1,625,000; 110Hampshire Rd., Lot 283, WellesleyMORTGAGE: $1,300,000 from MiddlesexSavings BankNOTES: Single-family Colonial, built 1954;house size is 3,825 sf, lot size is 27,675 sf; fivebedrooms and 3.5 baths; last sold for$1,605,000 in Aug. 2006

MORTGAGE: $1,500,000 from RBS Citizens NAADDRESS: 5 Shotnaigher Ln., ChilmarkBORROWER: Kenneth J. Davidson and SusanM. Davidson

MORTGAGE: $1,400,000 from Lowell FiveCent Savings BankADDRESS: 254 High St., NewburyportBORROWER: Lingley Lane LLP

MORTGAGE: $1,340,000 from Bank ofAmerica NAADDRESS: 6 Candleberry Ln., WestonBORROWER: Caroline D. Robson and SimonC. Robson

MORTGAGE: $1,255,000 from AstoriaFederal Mortgage Corp.ADDRESS: 14 Winthrop St., NewtonBORROWER: Pratima Abichandani and Vikrant Raina

MORTGAGE: $1,210,000 from Lowell FiveCent Savings BankADDRESS: 29 Sawyer Rd., WellesleyBORROWER: Kiran S. Rao and Malini Roy

MORTGAGE: $1,200,000 from BostonPrivate Bank & Trust Co.ADDRESS: 12 Seven Star Ln., ConcordBORROWER: James A. Jessee and Kimberly B.Jessee

BUYER: Agnes R. Ebbs and George H. EbbsSELLER: Susan E. MorganPRICE/ADDRESS: $1,200,000; 63 Forest St.,WellesleyMORTGAGE: $960,000 from TD Bank NANOTES: Single-family Colonial, built 1924;house size is 2,950 sf, lot size is 18,050 sf; sixbedrooms and 4.5 baths; last sold for $350,000in May 1990; Declaration of Homestead

BUYER: Joseph L. Cargile and Tracey A. CargileSELLER: Prudential Relocation Inc.PRICE/ADDRESS: $1,195,000; 25 Otis St.,Lot 4, NeedhamMORTGAGE: $750,000 from BostonPrivate Bank & Trust Co.NOTES: Single-family Colonial, built 1912; housesize is 3,400 sf, lot size is 8,325 sf; four bedroomsand 3.5 baths; acquired by Prudential Relocation onJune 16th 2010 from Alisa M. Skatrud and MichaelSkatrud; prior sale of $1,100,000 in Sept. 2005

BUYER: Glen R. Votapka and Suzanne VotapkaSELLER: Anne T. Sisk and Joseph W. SiskPRICE/ADDRESS: $1,190,000; 18 SouthgateRd., Lot 5, WellesleyMORTGAGE: $625,000 from Sovereign BankNOTES: Single-family; house size is 2,650 sf,lot size is 21,375 sf; seller’s ownership datesto July 1963

BUYER: Christopher C. Mitchell and DaphneKoinis MitchellSELLER: Sylvia W. Kaufman, trustee ofConcolor Avenue Realty TRPRICE/ADDRESS: $1,100,000; 61 ConcolorAve. NewtonMORTGAGE: $770,000 from Salem FiveMortgage Co.NOTES: Single-family Colonial, built 1923;house size is 3,200 sf, lot size is 20,700 sf;three bedrooms and three baths; seller’s own-ership dates to June 1989

MORTGAGE: $1,100,000 from CambridgeTrust Co.ADDRESS: 70 Simon Willard Rd., ConcordBORROWER: Daniel W. O’Connor and Julia W.O’Connor, trustees of Julia W. O’Connor 2008 TR

MORTGAGE: $1,089,000 from MerrillLynch Credit Corp.ADDRESS: 1 Benvenue St., Lots A and B, WellesleyBORROWER: David J. Dymecki and Nancy J.Dymecki

BUYER: Gregory D. Anthony and Jeremy A. RassenSELLER: Nancy F. Kaye and Robert M. KayePRICE/ADDRESS: $1,065,000; 20 IntervaleRd., Lot 1, BrooklineMORTGAGE: $852,000 from Salem FiveMortgage Co.NOTES: Single-family Garrison, built 1930;house size is 2,100 sf, lot size is 27,200 sf; threebedrooms and 2.5 baths; property last sold for$83,000 in April 1980; Declaration of Homestead

BUYER: Carol A. BaggeroerSELLER: Khalid Abdulaziz Alnowaiser, trusteeof Worldwide Investment TRPRICE/ADDRESS: $1,050,000; 75-83Cambridge Pkwy., U-W1003, CambridgeNOTES: Residential condominium in high-rise prop-erty; unit size is 1,600 sf; two bedrooms and 2.5baths; unit last sold for $1,055,000 in Nov. 2007

BUYER: Alex Kimmelman and Stacey KimmelmanSELLER: Vivian Chen, f/k/a Vivian C. Natsis PRICE/ADDRESS: $1,015,000; 38 OctoberLn., WestonMORTGAGE: $812,000 from Salem FiveMortgage Co.NOTES: Single-family Colonial, built 1967; housesize is 3,225 sf, lot size is 30,050 sf; five bedroomsand 3.5 baths; last sold for $975,000 in Nov. 2004

BUYER: Kerri S. Majors and Michael D. MajorsSELLER: Sandra PowersPRICE/ADDRESS: $1,012,500; 26 HawthorneLn., WestonMORTGAGE: $500,000 from Wells Fargo BankNOTES: Single-family Cape, built 1955; house sizeis 4,225 sf, lot size is 40,600 sf; four bedroomsand 4.5 baths; last sold for $970,000 in July 2007

BUYER: Diane Charmont and Thomas CharmontSELLER: Ann P. Morris and Joseph R. MorrisPRICE/ADDRESS: $1,000,000; 3 OldDunham’s Corner Way, EdgartownMORTGAGE: $700,000 from MetLife HomeLoansNOTES: Single-family, built 1998; house size is2,175 sf, lot size is 30,500 sf; four bedrooms and2.5 baths; last sold for $133,712 in June 1997




MORTGAGE: $5,415,000 from Eastern BankADDRESS: 442 Washington St., WellesleyBORROWER: Wellesley Plaza LLC

MORTGAGE: $2,800,000 from Needham BankADDRESS: 49 Green St., NeedhamBORROWER: Needham Golf Club Inc.

BUYER: 845 Boylston Street LLCSELLER: Jean Diarbakerly, trustee of 845Boylston Street Realty TRPRICE/ADDRESS: $2,150,000; 845 BoylstonSt., BrooklineNOTES: Single-story auto service station;building size is 4,000 sf, lot size is 15,230 sf;last sold for $1,400,000 in Aug. 2008 via deedin lieu of foreclosure

BUYER: Mattapan Health Center RealtySELLER: Peter J. Demko, trustee of WolfsburgRealty TRPRICE/ADDRESS: $1,900,000; 1583R and1585R Blue Hill Ave., Mattapan*NOTES: Commercial property, including autorepair center owned by seller; lot size is13,825 sf; same buyer separately acquired1569-1581 and 1583 Blue Hill Ave., Mattapan

BUYER: Hartwell Hospitality LLCSELLER: Hartwell Realty PartnersPRICE/ADDRESS: $1,500,000; 94 HartwellAve., Lots 11 and 12, LexingtonMORTGAGE: $100,000 from HartwellRealty Partners and $2,400,000 fromNorthern Bank & Trust Co.NOTES: Two-story restaurant property, con-structed 1985; building size is 12,825 sf, lotsize is 8.7 acres; last sold for $2,100,000 inOct. 2005; former Hartwell House restaurant

BUYER: Dutton Properties LLCSELLER: Loft Properties LLCPRICE/ADDRESS: $1,260,000; 491 DuttonSt., LowellMORTGAGE: $500,000 and $945,000 fromLowell Five Cent Savings BankNOTES: Twelve units at the Residence at theAmerican Textile History Museum Condominium;units 301-312; last sold for $2,635,000 in July 2006

BUYER: BMH Riverside LLCSELLER: Spilios BalodimasPRICE/ADDRESS: $1,100,000; 162-164 and170-172 Riverside St., LowellMORTGAGE: $825,000 from ReadingCooperative Bank

NOTES: Two multifamily buildings; 162-164Riverside St. a three-family property, constructed1930; living space is 6,350 sf, lot size is 4,600sf; last sold for $80,000 in Sept. 1982; 170-172Riverside St. a six-plus unit property, constructed1880; living space is 9,850 sf, lot size is 3,475sf; last sold for $88,000 in Jan. 1977

BUYER: 435 South Huntington LLCSELLER: Relyndon Inc.PRICE/ADDRESS: $1,070,000; 435-439South Huntington Ave., Jamaica PlainMORTGAGE: $434,000 from South ShoreEconomic Development Corp. $428,000and $535,000 from Sovereign BankNOTES: Commercial property; lot size is 5,775 sf

MORTGAGE: $1,000,000 from LowellCooperative BankADDRESS: 94-106 and 131-133 UniversityAve., LowellBORROWER: Arthur J. Faneros, trustees ofC&F Realty TR

J U N E 3 0 T H

BUYER: Shire Human Genetic TherapiesSELLER: Patriot Partners Lexington LLC and200 Patriot WayPRICE/ADDRESS: $165,000,000; 300 and500 Patriot Way and 125 Spring St., LexingtonNOTES: Business park on Route 2 acquired byanchor tenant; total value consideration of $201million including future construction capabilities

BUYER: John Hancock Life & Health Insurance Co.SELLER: John Hancock Life Insurance Co.PRICE/ADDRESS: $27,000,000; 266 and 275Second Ave., WalthamNOTES: Two-building office park off Route 128known as Waltham Place; property size is 200,000sf; buildings foreclosed on by seller in June 2010

MORTGAGE: $17,500,000 from CambridgeSavings BankADDRESS: 399 Grove St., NewtonBORROWER: BH Normandy Owner LLCMORTGAGE: $3,300,000 fromMassachusetts Department of Housingand Community Development,$10,210,000 from Boston Community LoanFund and $15,000,000 from Eastern BankADDRESS: 39, 45 and 48 Water St., WorcesterBORROWER: Canal Lofts LP and Canal LoftsWinn LLC

MORTGAGE: $7,500,000 from FraminghamCo-Operative BankADDRESS: 134 Turnpike Rd., SouthboroughBORROWER: 134 Turnpike Road LLC

BUYER: 15 Concord Road LLCSELLER: Sudbury Plaza AssociatesPRICE/ADDRESS: $6,122,000; 5-15 and 19Concord Rd., SudburyMORTGAGE: $4,600,000 from Salem FiveCents Savings Bank

BUYER: LMP GFIII 600 Federal LLCSELLER: 600 Federal Property LLCPRICE/ADDRESS: $5,872,960; 165-171Chandler St. and 600 Federal St., AndoverNOTES: Two-story office property, constructed 1998;building size is 110,000 sf, lot size is 8.3 acres; lastsold for $8,624,241 in Sept. 2009 via deed in lieu offoreclosure; assessed value of $9,927,900

MORTGAGE: $4,150,000 from Walpole Co-Operative BankADDRESS: 258-260 Dedham St., Lot A, NorfolkBORROWER: John McTernan, trustee of EagleBrook Realty TR

MORTGAGE: $3,740,000 from CambridgeSavings BankADDRESS: 981 Worcester Rd., WellesleyBORROWER: Steven A. Cohen, trustee of CEAWellesley Trust

BUYER: JKY Realty LLCSELLER: Nancy Stuart, trustee of Pond Plaza Realty TRPRICE/ADDRESS: $2,995,360; 51-69 PondSt., AshlandMORTGAGE: $1,200,000 from Needham BankNOTES: Single-story Pond Plaza retail center,constructed 1989; building size is 16,775 sf,lot size is 1.8 acres; seller acquired property for$600,000 in March 1989

BUYER: LMP GFIII 800 Federal LLCSELLER: 800 Federal Property LLCPRICE/ADDRESS: $2,871,640; 800 FederalSt., AndoverNOTES: Three-story office property inWoodland Park, constructed 1999: building sizeis 165,000 sf, lot size is 22.6 acres; last sold for$10,679,968 in Sept. 2009 via deed in lieu offoreclosure; assessed value of $11,513,800BUYER: Admiral Farragut LLCSELLER: Coastal Oil New EnglandPRICE/ADDRESS: $2,750,000; 934 East 1stSt., Boston*NOTES: Commercial land; lot size is 6,275 sf;*a portion of the property that sold for$15,695,000 in Jan. 1986

BUYER: Combined Properties Inc.SELLER: Apex Inc.PRICE/ADDRESS: $2,000,000; 17 CentennialDr., Lot 22A, Peabody

Commercial DealsMILLION DOLLAR MORTGAGES/SALES JUNE 29 - JULY 2, 2010

Commercial Dealscontinued from page 5




Corporation Directors/Registered Agents Address Nature of Business

Nuestra Quincy Commons Commercial LLC Eleanor Coleman, signatory 56 Warren St., Ste. 200, Roxbury MA 02119 Deal with real property

Geopricing LLC Sean Green, manager Principal office @ 1 Farwell Rd., Tyngsboro MA 01879; Real estate management and makingMA office @ 64 Spectacle Pond, Littleton MA 01460 investments of all kinds for profit

SLT LLC Lisa L. Turnblom, manager; Stephen J. Turnblom, 187 Gulf St., Shrewsbury MA 01545 Real estate developmentmanager and resident agent

One Hillside Estates LLC Jonathan Wildes, signatory; Nicholas Sivieri, Principal office @ 31 Home Depot Dr., Ste. 137, Plymouth MA 02360; Investment in, and ownership and develop-signatory and resident agent Wildes @ 9 Inlet Cove Rd., Alstead NH 03602; ment of, real estate and interests therein

Sivieri @ 86 Shallow Pond Ln., Plymouth MA 02360

CFP Realty LLC Steven D. Catalano, manager, signatory and resident agent 188 Ayer Rd., Harvard MA 01451 Own, develop, invest in and manage real and personal property

327-329 Boston Post LLC Gregory C. Tocci, manager, signatory and resident agent 327 F. Boston Post Rd., Sudbury MA 01776 Real estate

162 Centre Street LLC Thomas J. Donnelly, manager and signatory; Principal office @ 17 Woodworth St., Boston MA 02122; Dealing with interests in real estateLawrence L. Blacker, resident agent Blacker @ 77 Franklin St., Boston MA 02110

DLC Property Manager LLC 580 White Plains Rd., Tarrytown NY 10591 Ownership, operation and management of real estate and real estate related assets

The MLS App Inc. James P. Mackin, president; Andrew T. Leafe, treasurer; Principal office @ 630 Park St., Stoughton MA 02072; Mackin @ Own, conduct, operate, maintain and carry on Antoine E. Nakhle, secretary; Jeffrey Koss, Sally Koss and 1 Sheafe St., Apt. 1A, Boston MA 02113; Leafe @ 10 Onset Rd., and online advertising and promotions Steven Koss, directors; Thomas J. Percy, Esq., reg. agent #409, Bennington NH 03442; Nakhle @ 45 Elmwood Rd., Wellesley MA; business that utilizes social networking for the

Percy @ Percy, Tedeschi & Assoc., PC, 4 Court St., Taunton MA 02780 promotion of real estate sales

Platinum Pebble LLC Annabelle Hunton, manager; Simon Hunton, manager and 186 Belmont Rd., West Harwich MA 02671 Operation of a lodging establishment that resident agent offers overnight accommodation; holding of real and personal property

Northeast Affiliates LLC Brian W. Longval and Richard E. Warren, managers; Principal office @ 500 Maple St., Danvers MA 01923; Owning, managing & developing other comp-James M. Cote, signatory and resident agent Cote @ 14 Bayberry Rd., Danvers MA 01923 anies, limited liability or otherwise, that own,

manage or develop RE; provide residential& commercial RE sales and leasing services

TLP Acquisitions, Development & Terrell B. Bettano, president, treasurer, secretary and 254 Pleasant St., Winthrop MA 02152 Acquisition, development and management ofManagement Corp. registered agent real property

Trinity Mattapan Heights Five Inc. James G. Keefe, treasurer and secretary; Patrick A.T. Lee, 40 Court St., Ste. 800, c/o Trinity Financial, Inc., Boston MA 02108 Buy, sell, own, develop, operate and maintain president and registered agent real estate

DiFonte Properties LLC Mark P. DiFonte, manager, signatory and resident agent 64 Sullivan St., Unit 1, Charlestown MA 02129 Investment, ownership and development of real estate and all interests therein

Trinity Mattapan Heights Five Patrick A.T. Lee, president 40 Court St., Ste. 800, c/o Trinity Financial, Inc., Boston MA 02108 Deal with interests in real estateLimited Partnership

Incodwetrust LLC Paula M. Kelley, resident agent Principal office @ 318 Hurricane Rd., Keene NH 03431; Own, acquire, manage, operate, buy, sell,Kelley @ 39 Town Hall Sq., Falmouth MA 02541 exchange, finance, refinance and otherwise

deal with real estate

LMP GFIII 800 Federal LLC Eric B. Sheffels, resident agent 10 Post Office Sq., Boston MA 02109 Deal with real estate and interests therein

Federal Street Common Area LLC Eric B. Sheffels, resident agent 10 Post Office Sq., c/o Leggatt McCall Properties LLC, Boston MA 02109 Real estate

LMP GFIII 600 Federal LLC Eric B. Sheffels, resident agent 10 Post Office Sq., Boston MA 02109 Invest in, own, manage, operate, acquire, lease,develop, improve, sell and otherwise deal with real estate and interests therein

R & M Family Realty LLC Michelle T. Auriemma, manager and signatory; Ronald 5 Larson Ln., Stoneham MA 02180 Real estate management Auriemma, manager, signatory and resident agent

17-19 Upland Road LLC Eric M. Hoagland, manager, signatory and resident agent 195 Lexington Ave., Cambridge MA 02138 Own, manage, buy, sell, rent, develop and/or construct real property

Yobela LLC Phyllis Murphy, M.D., manager and signatory; 176 Federal St., Rich May, P.C., Boston MA 02110; Murphy @ Own, manage, lease, operate and dispose of Eric J. Krathwohl, signatory and resident agent 33 No. Garden Ave., Ste. 875, Clearwater FL 33755 real property

Whittier Street Health Center Frederica M. Williams, president; John D. Reardon, treasurer; Principal office @ 1125 Tremont St., Roxbury MA 02120; Williams @ Charitable activities benefiting, performing the Realty Corporation Vianka Perez Belyea, clerk; Vernon Nelson, director; 34 Sarah St., Randolph MA 02368; Reardon @ 33 Nancy Rd., Milton MA; functions of, and carrying out the purposes of

Sean Ryan, resident agent Belyea @ 98 Centre St., Roxbury MA 02119; Nelson @ 21 Adanac Rd., Whittier Street Health Center Committee Milton MA 02186; Ryan @ 1 Beacon St., Ste. 1320, Boston MA 02108 Incorporated, a MA non-profit corporation

Woburn Four LLC Neil Mellen, manager and signatory Principal office @ 420-424 Washington St., Woburn MA 01801; Purchase, sell, lease and develop real propertyMellen @ 460 Coe Ave., East Haven CT 06512

Echo Bridge Partners LLC Andrew DiMatteo, manager and signatory; Principal office @ 14 Riverview Terr., Dover MA 02030; Manage and invest in real estateJ. Clancy Casey, manager, signatory and resident agent DiMatteo @ 290 Bridle Trail Rd., Needham MA 02492

Russia Building TRS LLC Frank D. Burt, resident agent 800 Boylston St., Ste. 1900, c/o Boston Properties, Boston MA 02199 Own, operate, manage and develop RE

BP RB Developer LLC Frank D. Burt, resident agent 800 Boylston St., Ste. 1900, c/o Boston Properties, Boston MA 02199 Real estate

Channelside Mall Holdings LLC Edmund Byrne, signatory 265 Franklin St., 19th Floor, Boston MA 02110 Hold and dispose of real property

Spence Realty LLC Colin Charles Spence, MR, manager and resident agent 20 Emerald St., Tyngsboro MA 01879 Real estate rental and redevelopment

Homegrown Properties LLC Jane Mitchell Huston, manager, signatory and resident agent 10 Wampanoag Dr., Franklin MA 02038 Real estate acquisition, development, sale,leasing and management

BP Atlantic Wharf Master Tenant LLC Frank D. Burt, resident agent 800 Boylston St., Ste. 1900, c/o Boston Properties, Boston MA 02199 Own, operate, manage and develop RE

BP Russia Building LLC Frank D. Burt, resident agent 800 Boylston St., Ste. 1900, c/o Boston Properties, Boston MA 02199 Real estate

Massachusetts CorporationsOrganized June 29 - July 2, 2010


Corporation Directors/Registered Agents Address Nature of Business

847 Beacon Street LLC Rui Wei Li, manager and signatory; Chun Shi Liu, Principal office @ 300 Bellevue Rd., Quincy MA 02171; Ownership and development of real estate manager, signatory and resident agent Li @ 10 Weston Ave., Apt. 425, Quincy MA 02170 and interests therein

IZZI LLC Annabelle Hunton, manager; Simon Hunton, 186 Belmont Rd., West Harwich MA 02671 Acquire, hold, sell and manage real propertymanager and resident agent

41 Alpha Road LLC Mark C. Reinhold, manager and resident agent 19 Albano St., Roslindale MA 02131 Deal with real estate and interests therein

Coutu Realty LLC Robert A. Coutu, manager and signatory; A. Larry Berren, Principal office @ 183 State St., Ste. 4B, c/o McLaughlin & Quinn, LLC, Real estateEsq., signatory; F. Moore McLaughlin, IV, Esq., resident agent Boston MA 02109; Coutu @ 57 Briar Hill Dr., Cranston RI 02921;

Berren @ 35 Highland Ave., East Providence RI 02914

39-41 Bicknell Road LLC Douglas R. Smith, manager, signatory and resident agent 11 Covington Ave., Billerica MA 01821 Buying, selling, mortgaging, leasing, constructionand otherwise dealing in real estate of every kind, nature and description

26 Fayette Street LLC Paul G. Roiff, manager, signatory and resident agent 74 Clarendon St., Ste. A, Boston MA 02116 Deal in and with real property

NE 107 Construction GP LLC William C. MacDonald, president; Marcia L. Moody, Principal office @ 2001 Bryan St., Ste. 3250, Dallas TX 75201; Real estate developmentassistant secretary and signatory MacDonald @ 6110 Executive Blvd., #315, Rockville MD 20852

BMV Realty LLC Nabil Roufail, manager and resident agent 7 Deer Run, Charlton MA 01507 Real estate

Montauk Morning LLC Cara Normandeau, manager; Brett Normandeau, 33 Carol Ln., Holyoke MA 01040 Own and manage real estate and real estate manager and resident agent interests

Aharon Ben Rental LLC Lawrence A. Weiner, manager, signatory and resident agent 15 McGrath Hwy., Somerville MA 02143 Rent & sell electronics, appliances & house-hold furnishings; deal with interests in RE

480 Main Street Holden LLC George P. Luddy, manager and resident agent 128 Pilgrim Dr., Holden MA 01520 Deal with real property

27 Blackberry LLC Jeffrey J. Kornick, mgr; William G. Litchfield, resident agent Principal office @ 1954 Stockbridge Rd., Akron OH 44313; Ownership and management of real propertyLitchfield @ 330 Orleans Rd., North Chatham MA 02650

RMJ Dock LLC Robert H. Nixon, manager and signatory; Principal office @ 86 Beach Plum Ln., Menemsha MA 02552; Acquire, maintain, manage, improve, developRobert M. McCarron, signatory and resident agent McCarron @ 46 Main St., PO Box 1270, Edgartown MA 02539 and sell real and personal property

Hurren Street Inc. Gregg Croteau, president; David Brown, treasurer; Principal office @ 34 Hurd St., Lowell MA 01852; Croteau @ Own or lease & to develop real property Richard Cavanaugh, clerk 138 Mt. Vernon St., Lowell MA 01856; Brown @ 36 Meade St., loc. at 34 and 44 Hurd St., Lowell MA for the

Lowell MA 01852; Cavanaugh @ 136 Hanks St., Lowell MA 01852 purpose of leasing or developing such property;deal with interests in real & personal property

Jaghunt LLC James C. Jones, manager and resident agent One Central Green, Winchester MA 01890 Ownership and/or management of real estate

Millville Associates Inc. Luigi D'Arcengelo, president; Mark E. Anderson, Principal office @ 15 White Pine Dr., Brookfield CT 06804; Real estate developmentregistered agent MA office @ 1 Main St., Whitinsville MA 01588

433 East Third LLC Kevin Horan, mgr; Stephen Pitrowski, mgr and res. agent 512 Gallivan Blvd., Dorchester MA 02124 Real estate acquisition and development

Pearson Financial Group LLC Ginger Pearson Burke, manager; John H. Pearson, Jr., Principal office @ 10 George St., Lowell MA 01852; Burke @ manager and resident agent 10 Knob Way, Lowell MA 01852; Pearson @ 99 Belmont St., Lowell MA Investment in & dev. of RE & interests therein

Massachusetts Investment Associates LLC David M. Palumbo, manager and resident agent 40 Crescent St., Everett MA 02149 Acquire, renovate, improve, lease, build & sell RE

Cityscapes Realty Group LLC Michelle Easter, manager; Herbert Entwistle III, 595 Tremont St., Boston MA 02118 Real estatemanager and resident agent

Massachusetts CorporationsOrganized June 29 - July 2, 2010

NOTES: Two-story medical office property, con-structed 1983; building size is 43,575 sf, lotsize is 3.9 acres; last sold for $5,893,927.97 inApril 2010 via deed in lieu of foreclosure; priorowner, McDougal Realty, had owned propertysince Aug. 1983

MORTGAGE: $2,000,000 from HinghamInstitution for SavingsADDRESS: 8-16, 12 and 14-16 Copeland St.,115 Dale St., 56 and 58 Holworthy St., 256-258 Warren St. and 34 Waumbeck St., RoxburyBORROWER: Affirmative Housing Partnership LLC

MORTGAGE: $1,749,300 from FraminghamCo-Operative BankADDRESS: Crimson Drive and Hickory Drive,Lots 1-9 and 28-32, ShrewsburyBORROWER: Brendon Properties Hickory Hills

LLCMORTGAGE: $1,664,000 from Sovereign BankADDRESS: 11 Widett Cir., BostonBORROWER: 11 Widett Circle LLC

BUYER: Woodlands View LLCSELLER: Wachusett Woodlands LLCPRICE/ADDRESS: $1,300,000; off BerlinRoad, ClintonNOTES: Two land parcels totaling 147.5 acres

MORTGAGE: $800,000 and $1,297,000 fromNorth Shore BankADDRESS: Kristine Lane, Lots 3, 8, 9, 10, 11,12, 15, 16 and 17, HaverhillBORROWER: GB Realty Investments LLC

MORTGAGE: $1,200,000 from Leader BankADDRESS: 105-115 Fifth St., CambridgeBORROWER: 105 Fifth Street LLC

BUYER: 26 Fayette Street LLCSELLER: Beth Bagley, Jennifer Bagley, Reid

Bagley and Patricia HornePRICE/ADDRESS: $1,000,000; 26 Fayette St.,BostonMORTGAGE: $750,000 from CambridgeSavings BankNOTES: Four- to six-unit apartment building;last sold for $1,200,000 in Oct. 2004

J U N E 2 9 T H

MORTGAGE: $17,300,000 from Sovereign BankADDRESS: 111 Boylston St., Lots 1-3, BrooklineBORROWER: American Transportation Enterprises

MORTGAGE: $10,600,000 from CenterlineMortgage PartnersADDRESS: 2-20 Allston St. and 112-120Marston Street, LawrenceBORROWER: Legacy Park Lawrence Two LLC

MORTGAGE: $4,620,000 from JeanneD’Arc Credit UnionADDRESS: 307 Boston Post Rd., Sudbury

Commercial Dealscontinued from page 11

Branded as Presidential Woods, the105,000-sf flex/office property will beretrofitted to house a diverse mix of class-rooms and support space, and will be theConnecticut-based school’s fourthMassachusetts operation.

“It’s a huge deal,” says one brokerfamiliar with the transaction. Even thoughthat industry professional insists the lease“ is signed, definitely,” Campanelli officialsand others involved declined comment onthe matter or did not return phone callsby press deadline. Sources say Campanelliwas represented in-house by Director ofLeasing Peter Brown and by the RichardsBarry Joyce & Partners team led byRobert Byrne, James Lipscomb, BrianMcKenzie and John Wilson. VincentAlbanese of Paramount Partners negotiat-ed for the tenant.

Acquired by Campanelli andCommonfund Realty inJuly 2007 for $11.6 mil-lion, 8 Presidential Waywas originally slated foran expansion andupgrade to 160,000 sf ofhigh-end office productthat could accommo-date tenants in a

dynamic market where rents were sud-denly eclipsing $30 per sf. The programcame tantalizingly close to achieving thatvision until national economic woes putthe country in a deep freeze that is onlynow beginning to thaw. Major require-ments vanished and speculative construc-tion became equally invisible.

One observer following 8 PresidentialWay’s resolution says the Porter & Chesterdecision reflects a veteran landlord’s abili-ty to respond to challenging conditions.

“Campanelli is a very savvy and innovativegroup,” says the source. “They know howto put a deal together and were very cre-ative in meeting some really specializedrequirements to get it done.”

Terms of the lease have not beenreleased, save for being described as a“long-term” commitment and said to bepriced in the range of $12 per sf NNN. Onebroker says only limited TI dollars will berequired to make the building usable forPorter & Chester. About 20 percent of 8Presidential Way was constructed asoffice space, according to that broker, whosays the manufacturing sections will beretrofitted for training purposes.

According to its website, Porter &Chester offers training in such fields asautomotive, computer technology, elec-tronics and healthcare. Three of its eightlocations are in the bay State, those beingCanton, Chicopee and Westborough.

A broker familiar with the tenant’srequirement says it was looking to find aneasily accessible and functional propertyand geographically wanted to accommo-date students north of the MassachusettsTurnpike and up into the Route 128 regionand southern New Hampshire.

Sources could not say how long it willtake for Porter & Chester to be open in itsnew home, but one rumor has an Augustlaunch on the dais. As for expanding 8Presidential Way to 160,000 sf on the 13.7-acre parcel, one broker insists the concept

is still viable physically, either for theinaugural tenant or perhaps to accommo-date another prospect. Sources could notsay whether Porter & Chester invoked anyexpansion options into the lease.

Observers accede that such a movewould likely require a commitment giventhe lingering troubles for suburbanBoston’s office market, although theupper end of Route 128 from Burlingtonto Wakefield has been among the bestperformers in New England during 2010.Colliers Meredith & Grew’s latest researchshows positive net absorption of 115,000sf through mid-year for a submarket of 7.5million sf. That has the vacancy rate thereat 19.8 percent versus a suburban averageof 21.8 percent. n

Presidential Woodscontinued from page 1

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attention to detail, and their commitmentto the Back Bay,” says McGill.

The Back Bay has been among theregion’s strongest office markets in recentmonths after suffering for more than a year.According to JLL research, the submarketof 13.0 million sf posted positive net absorp-tion of 138,000 sf in Q2, bringing the totalYTD to 229,500 sf on the plus side. Thoseare the best results among seven Bostonoffice districts surveyed by JLL, whichrecorded negative net absorption of 268,230sf in the quarter for Boston overall. n

Back Bay Landmarkcontinued from page 3


Elizabeth C. Ross, who assists in marketing efforts. “She is verygutsy,” Ross says. “If there is a deal she thinks we should bedoing, Maria will pick up the phone and call right away.”

Ross is further impressed by Krokidas’ ability to reel in aprospect, attributing it to “an interpersonal intelligence” thatcombines with her unwavering belief in the staff’s abilities. Thatfaith was accentuated a decade ago when K&B took on a slew ofmajor competitors to secure legal chores for the $800 millionBoston Convention & Exhibition Center, a hulking 516,000-sfmonument that opened in 2004 and is now visible from K&B’sheadquarters at the Federal Reserve Building. The biggest facili-ty of its kind in New England, the BCEC created a legal labyrinththat required exacting and endless attention for years in advanceof its completion, including permitting expertise, creation andelimination of entire roadways and even renegotiations of myriadcontracts when the venture encountered unanticipated chal-lenges along the way.

Not only can Krokidas bring in the business, Ross says “shealso recognizes people’s strengths and is very good at bringingthem out” to deliver on the promised services. “Maria is a greatcommunicator,” Ross says, further crediting Krokidas for “settinga tone” that inspires personnel to remain long-term, or in Ross’case, to return after a brief sojourn to another practice. “I’m veryhappy to be back,” she reports.

Krokidas says she does enjoy helping the firm administrationand working on staff development, but adds she looks forward to“a more balanced schedule” enabling her to get back to the legalprofession that she adores. “At some point, I find I have to goclose my door so I can get my lawyer fix,” says the Harvard LawSchool graduate who explains the attractions include helpingclients overcome intractable legal issues, and in respondingquickly to a deadline-oriented assignment.

Certainly it seems her clients are eager to have Krokidas in themix. “She brings not only a fabulous passion to her work, but alsoa great institutional memory,” says Edward Adelman, executivedirector of the Massachusetts State College Building Authority, aquasi-public agency that K&B represented even before he joinedeight years ago and has assisted on several substantial projecs,including a $61 million dormitory in Boston for the MassachusettsCollege of Art & Design that recently broke ground.

Representing nine state campuses and some 14,000 students,MSCBA legal matters are complex and constant, says Adelman,with the agency having provided $150 million during the pastyear alone to allow for new construction and restoration of class-rooms, dorms and recreational facilities across the state. Thanksto K&B and Krokidas, the legal representation has never beenlacking, says Adelman. “They have all the resources we need andare very good at what they do,” he says.

Krokidas is a mutual admirer of the MSCBA, praising the firmas one of the best public-sector builders in the country. “They doreally beautiful work,” says Krokidas, who credits her long-termclients for the firm’s successes. That element was not lost on herduring the NEWIRE ceremony at which dozens of clients turnedout. “In that room were many of the people who made it happen,”she says. “It was a nice chance to be able to thank them.” n

An Entrepreneur of the Years continued from page 4

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“People are willing to commit or make anexpansion decision much more quicklynow,” he says. “We see the market goingup, not down.”

Mid-year results delivered this week byGrubb & Ellis research seem to support at

least an easing of thewoes prevalent for sub-urban Boston landlords.Five of nine submarketssurveyed by G&E indi-cated positive netabsorption through twoquarters, a slight yetrare majority comparedto past quarters datingto late 2008. RichardBarry Joyce & Partnersdivvies its survey intoseven submarkets, ofwhich six finished posi-tive during the secondquarter. Comparatively,the survey showed all

but one submarket finishing in the redduring the past 12 months.

As with Kerrigan, RBJ broker JamesLipscomb offers an improving assessmentfrom street level. “The activity has defi-nitely picked up,” says Lipscomb.

“Tenants are feeling more comfortable intheir business plans and that is showingup in some new requirements and leasesignings.”

Kerrigan and Richards Barry Joyce &Partners VP of Research Brendan Carrollboth say the core markets will prove thestrongest over time, although a surge ofnew construction has kept vacancy ratesunusually high in such communities asWaltham and Wellesley. RBJ estimatesnegative net absorption of 644,000 in theRoute 128 Central submarket of 21.8 mil-lion sf since June 2009, including a57,000-sf decline in Q2. Grubb & Ellis putsthe Q2 net absorption for that submarketat minus 137,000 sf for the 6.6 million sf ittracks in that submarket.

Those numbers might indicate a longroad ahead, but Kerrigan says the flight-to-quality trend that favors core locationsis taking hold, and the pipeline of specula-tive construction has been sealed enoughto foresee a dearth of space in the verynear term. For tenants, he says, “the win-dow is shutting,” with 2010 a prescienttime to take advantage of the still-favor-able situation.

Carroll agrees, and cites a special RBJreview of office space completed through-out Greater Boston between 1994 and2006 that indicates a scant vacancy rate of1.9 percent for that select inventory. That

block of about 6,5 million sf is benefittingfrom tenants preferring modern buildings,he says, and has been so well receivedthere have been rare instances of askingrents actually going up for the most covet-ed business addresses. The survey did notinclude the newest properties becausemany are in their natural lease-up stage,explains Carroll, whose main conclusion isthat higher-end properties in circulationare faring well, offering hopes for a quickrebound in Route 128 Central.

Kerrigan voices a similar outlook. Eventhough Grubb & Ellis indicates some ofthe hardest hit submarkets have showngains of late, including a 123,000-sf boostin net absorption for Interstate 495 Westthrough mid-year, Kerrigan says thereremains too much product for rents toimprove noticeably in fringe outposts.Buildings with stable sponsors and solidfundamentals might fare well, he says, butoverall tertiary communities “face a realtough comeback,” he says. “It’s a perfectstorm for vacancy,” he says of the difficultconditions including marginal product andweak job activity.

Indeed, new age companies needing toattract a skilled workforce often view realestate as a recruiting tool, and Kerrigansays that is helping spark the quality con-sciousness. “We clearly are seeing a recov-ery in the stronger markets,” he says. n

Rising Tidecontinued from page 1

James Lipscomb

Brendan Carroll

ically and works well functionally. Built in1982 and renovated in 1999, the three-story structure features a red-brick exte-rior and ribbon windows. There is a dra-matic two-story lobby, ceiling heights to14 feet and crescent floorplates as large as75,000 sf that offer the flexibility covetedby tenants. Building amenities include anexpansive cafeteria, modern fitness cen-ter and shower facilities.

Outside, the asset has a generous park-ing ratio of 3.4 vehicles per 1,000 sf on a25-acre site at the rear of the Nagog OfficePark, an established campus that lastmonth had nine buildings purchased by apartnership of Charles River RealtyInvestors, National Development andWinrock Partners. As previously unveiledby The Real Reporter, the group paid

$12.5 million for the 385,000-sf portfoliothat was divested by KBS RealtyInvestors.

Even though that team has already hitthe ground running in a bid to increaseoccupancy at those buildings, Pullen sayshe thinks that campaign could prove ben-eficial to a new owner of 100 Nagog Park,with indications that the 120-acre campuswill be further improved. As it is, the parkfeatures wooded walking trails and land-scaping that provides a bucolic settingjust off Route 2A and across from NagogPond.

Less picturesque has been theInterstate 495 office market that has seenrental rates plunge in the wake ofdepressed leasing demand throughoutGreater Boston. According to FHOPartners, Acton’s inventory of 1.17 millionsf has a vacancy of 34.3 percent versus thesubmarket average of 28.0 percent, while

the average asking rent of $18 per sf is $5per sf less than the submarket rate.

On the plus side, Acton did enjoy103,000 sf of positive net absorption in thefirst half of 2010, according to FHOPartners, faring much better than the sub-market as a whole that suffered an overalldecline of 177,000 sf during that period onan inventory of 31.5 million sf. Observersspoken to also maintain Acton has anunusual level of retail and restaurantoptions available, and is attractive to own-ers of small- and mid-sized companiesresiding in the MetroWest area.

Pullen says he anticipates a strongsponsor would do well keeping 100 NagogPark as an office use, but adds there is thepotential for ancillary uses thanks to thesize of the parcel a buyer would be getting.“The possibilities are really broad,” he says,noting that AvalonBay has a large multi-family complex on an adjacent site. n

Nagog Parkcontinued from page 2


has seemingly boosted interest.“It’s phenomenal,” Cushman &

Wakefield broker Geoff Millerd says thisweek of the initial response to an assetassemblage that his firm is again market-

ing on behalf of thepartnership. “Theyhave held up extremelywell.”

Apparently someonehas taken notice. Some140 requests for infor-mation have alreadybeen submitted, Millerd

relays, offering encouragement of a suc-cessful outcome this time around. “Verystrong,” he says of the reaction to date.Totaling 650,000 sf, the package includesMassachusetts shopping centers that areanchored by a Shaw’s Supermarket inCohasset, Easton, Hanover and Plymouth,plus a Hannaford Brothers on Main Streetin Waltham. A Shaw’s anchored mall inWarwick, RI, plus a pair of properties inNorth Windham and Waterville, ME,round out the list.

The pulling of the portfolio initially wasmore a result of the dour economy than areflection on the properties that C&W wasfirst hired to market in 2007, explainsMillerd. Interest appeared to be solid

then, too, but the financial meltdown thatset in a few months later doomed virtuallyall investment sales activity then in thepipeline. In that draconian environment,Chicago-based Heitman and its partner,the California State Teachers RetirementSystem (CalSTERS), opted againstaccepting a deep discount, instead decid-ing to wait for better conditions.

According to Millerd, who is handlingthe sale with C&W principals Robert E.Griffin Jr. and Edward C. Maher Jr., a sun-nier disposition towards commercial real

estate in general and stabilized product inparticular convinced his clients that nowis the time to resurrect the effort. C&W’sBoston team has handled three retail salesin recent months that yielded impressiveresults, providing further confidence. “It’sclear things are much better now,” saysMillerd, who predicts a diverse con-stituency of prospects for the portfolio.

Millerd would not discuss pricing, butsources maintain the target will be essen-tially the same as before, roughly from $90million to $100 million. n

Retail Packagecontinued from page 1

Geoff Millerd

to $189 per sf versus the $148 per sf paidby Dividend Capital. Fully leased toArbella Insurance, the four-story build-ing supposedly traded at a capitalizationrate of around 8 percent, according to oneanalyst familiar with the terms. Sourcesmaintain the Arbella lease rate is in the$12-per-sf range.

The portfolio is scattered throughoutthe US and includes a variety of flex,industrial and office buildings. As for thelocal portion, one market professionalspoken to was impressed by the deal onbehalf of the buyer. “That building isworth $200 per sf all day long,” says theexpert.

The deal is not, however, the onlyCrown Colony Office Park asset tochange hands at a discount. Earlier thisyear, the Campanelli Companies of

Braintree paid barely $75 per sf for 300Crown Colony Dr., a 118,000-sf officebuilding next door to 1100 Crown ColonyDr. that has since attracted a surge of ten-ants through a campaign conducted by itsnew owners and Colliers Meredith &Grew.

Loan AdvisorBOSTON — CB Richard Ellis/NewEngland has announced the hiring of

Connie Pemmerl tolead the group’s busi-ness developmentefforts with nationalbanking institutions.The banking and finan-cial services industryveteran will maintain aparticular focus on

growing CBRE/NE’s growing loan saleadvisory business, company officials say in

a release issued this week.“We’re very pleased to welcome Connie

to CBRE/NE,” says President and Co-Managing Partner Andrew Hoar. Thefirm’s newest EVP “has had a highly dis-tinguished career in the financial servicesindustry, and her knowledge of this fieldwill add significant value to our CapitalMarkets platform.”

Pemmerl joins the firm from her pri-vate consulting practice where she spe-cialized in underwriting and structuringcomplex real estate transactions, debtrestructuring and troubled workouts. Shepreviously served as EVP of the commer-cial real estate group for Fleet NationalBank where she orchestrated the firstnon-government sponsored bulk loan saleby a financial institution. She has alsoserved as director of capital markets andportfolio management for BerkshireMortgage Finance and as a director ofdebt placements at Boston Financial. n

The Real Reportcontinued from page 1

A Distinct AudienceStand Out

[email protected]

A Distinct Audience Stand Out

Connie Pemmerl

Documents

The Real Reporter July 8, 2010