THE REAL REPORTER ® THE ANNUAL REVIEW3

B Y J O E C L E M E N T S

BOSTON — An extra day inFebruary might seem more acruel joke than a bonus for

most New Englanders, but commer-cial real estate practitioners treasuredevery spare moment of 2012 to jugglean unending stream of trade that

f l o w e dfrom the

get-go until midnight struck 366 dayshence. The landmark $615 millionsale of 100 Federal St. in downtownBoston serves as a glaring exception,but mega-deals were hard to find, yetcapital was dispensed liberally—andfor riskier assets—by investors seek-ing alternatives to volatile stocks andanemic treasury returns who foundplenty of reason to feel the resilientregional economy will continue tosalve CRE’s post-recession lull.

“It’s all good,” proclaims Robert E.Griffin Jr., New England area Presidentfor Cushman & Wakefield, the region’sleading brokerage firm for CRE sales in2012 after negotiating the 100 Federal

St. purchase by BostonProperties and dozensof assets in the industri-al, office and retail are-nas, from increasinglycoveted land tracts tofully net-leased struc-tures that safety mindedinvestors have beenparticularly smitten withsince the recession hit in2008. “All of the assetclasses have recovered,and there’s good reasonto believe that for thenext two years, they aregoing to continue tobehave in a positivemanner,” says Griffin.“This is for real.”

C&W seemed to have multipleentries in just about every CRE catego-ry and profile as the Capital MarketsGroup finalized 62 transactions total-ing $2.3 billion. Office towers inBoston, Providence and Worcestercontributed to the lofty sum along

with a plethora of suburban buildings and retailin every setting imaginable. The healthcare unitled by Frank Nelson peddled a portfolio of med-ical office buildings for $100 million, or $269per sf—“a remarkable deal,” says Griffin—andC&W delivered another $90 million to Colony

A Great Leap Forward in 2012

ONE MERCHANT PLACE, WORCESTER MA

continued on page 56

Independent Firms Have Banner YearB Y J O E C L E M E N T S

BOSTON — This place knows a thing ortwo about independence, and so it is per-haps no great surprise that the region’s

commercial real estateindustry is chock full ofsmall- and medium-sizedbrokerage houses thathave managed to remainbusy even as an army ofnational companies havearrived over the past quar-ter-century, a legion thatcontinues to expand acrossthe land, its latest arrivalsincluding Canadian-basedAvison Young and CassidyTurley.

In 2012, multi-milliondollar sales were processedin droves by such locallycontrolled firms as Greater

Boston CommercialProperties, ParsonsCommercial Group andNew Dover Associates inthe MetroWest, O’BrienCommercial Properties inMarlborough, theStubblebine Co. ofLexington and Wayland-based R.W. Holmes.Kelleher & Sadowskycome to mind inWorcester and Springfieldhas King & Newtonamong several. BurgessProperties is a stalwartnorth of Boston, as isNorthway Real Estate inHaverhill and Danvers-based NordlundAssociates. Founded by Christopher Everest in2002, the latter firm completed a smorgasbordof sales from Acton to Peabody over the past 12

months, most recently a 24,000-sf office build-ing at 33 Nagog Park harvested by NationalDevelopment to an investor for $1.05 million.

18-28 JFK ST., CAMBRIDGE MA

continued on page 62

BROKERAGE

JASON WEISSMAN

MICHAEL D’HEMECOURT

EDWARD C. MAHER JR.

ROBERT E. GRIFFIN JR.

MATTHEW E. PULLEN

THE ANNUAL REVIEW THE REAL REPORTER ®62

Nordlund did nine deals for a total considera-tion of $12.5 million in 2012, the largest $2.2million in early December when 206 South MainStreet LLC bought a property bearing thataddress in Middleton from Nordlund’s client,J.E.S. II Realty Trust, whose family ownership inthe single-story industrial property dated to1971. The 45,000-sf building is located on 2.4acres along Route 114 (South Main Street) justnorth of Interstate 95.

Nordlund had a jam-packed fourth quarter,completing two separate industrial buildingtrades representing both sides in each case onOctober 1st when 55 Mitchel Rd. (9,600 sf) inIpswich yielded $700,000 and Wakefield’s 247Water St. (11,625 sf) brought $1.1 million. Bothdeals involved user/buyers. That pace kept up forNordlund to the very last day of 2012 when a9,000-sf industrial property at 241 Newbury St.(Route One) in Danvers delivered $1.25 millionfor Nordlund’s client, the Meg Cos. of NewHampshire. ReMax represented the buyer of the9,000-sf auto dealership sandwiched betweenRoutes 62 and 114. In November, Nordlund solda 32,000-sf Peabody office building at 84Newbury St. (Route One south) for $2.02 millionon behalf of Sawyer Realty Holdings to PhilopaterLLC, managed by Emad S. Younan. Nordlund—and the public—know the building well, withEverest having negotiated its prior sale for $1.2

million in April 2011 to Needham-based Sawyerand was then named leasing agent. The three-story, 31,000-sf structure is the former home of

East West Mortgage; it wasforeclosed on in April 2009by Wainwright Bank.

Some independent realestate companies span gen-erations, whereas one youngupstart is Boston RealtyAdvisors, a firm just com-pleting its 10th year thathad a remarkable 2012,with its $150 million of saleswell above the $100 millionleader Jason S. Weissmanhad been targeting andinvolving a host of prizedlistings in Boston andCambridge. Weissman cred-its the hiring of new talentsuch as retail expert Michaeld’Hemecourt to complementexisting staff including sub-urban brokers Jeremy Freidand Adam Meixner. That pairtendered several trades inthe Route 128 Centralregion last year, and workedwith d’Hemecourt to provide

further insight on those assignments. “It doesgive us a unique blend of local knowledge andthe institutional underwriting experience of (part-

ner) Chris Sower and Mike d’Hemecourt . . . thatreally allows us to look at a building and (deter-mine) what is the right approach in a given mar-ket,” offers Freid. Notable listings of 2012 includ-ed a 10,000-sf Newton office building ultimatelywon by a user at a price of $283 per sf, a levelFreid says is rarely achieved for such product inthat area. The team also helped a Newton clientacquire a key land parcel in between two existingbuildings, and sold 395 Worcester St. (Route 9) inNatick, a 6,200-sf retail building occupied by aMitchell Gold + Bob Williams Signature Storethrough 2015. Freid and Meixner were joined byd’Hemecourt on pitching that building whichyielded $1.42 million the final week of the year.The firm tendered $70 million in the fourth quar-ter alone, and had four deals above $1 millionwrap in December, headlined by the $31.6 millionclosing of 18-28 JFK St. in Harvard Square,known to denizens of the famous district as thelongtime home of Pizzeria Uno, as well as otherretailers and apartments.

“We had contributions from everybody,”Weissman says as BRA’s second decade com-mences. “The whole team was pleased with2012,” continues its founder. “We took on a lotof significant properties and worked on manyproduct types in a lot of different markets, andthat (reflects) the wide range of expertise we canoffer to our clients.” The multifamily division runby Weissman and Sower did a series of significanttransactions (see multifamily investments sec-

BANNER YEARcontinued from page 3

PAUL MULROY

ERIC O’BRIEN

DAVID CURLEY

205 FLANDERS RD., WESTBOROUGH MA 10 CALIFORNIA AVE., FRAMINGHAM MA 604 MAIN ST., SHREWSBURY MA

20 SPEEN ST., FRAMINGHAM MA241 BOSTON POST RD., MARLBOROUGH MA

continued on page 63

THE REAL REPORTER ® THE ANNUAL REVIEW63

tion), including 52 Westland Ave. in Boston’sFenway, a 43-unit apartment building thatbrought in $12.8 million after a marketing pro-gram that generated more than 100 prospects

before 52 WestlandEnterprises LLC took theprize. “The process was verycompetitive,” said Sower,crediting the tight rentalmarket and a locationbetween the Back Bay andLongwood Medical Area.

New Dover AssociatesPresident Scott R. Hughesmight strive to treat hiscustomers equally, but hav-ing a favorite in 2012 couldbe difficult to resist afterGenesis Managementengaged the Framingham-based firm to identifyinvestment prospects in

Greater Boston. Hughes eagerly—and success-fully—obliged, helping Boston-based Genesisbuy two well-located office buildings along theMassachusetts Turnpike in Framingham lastsummer, securing 32,000 sf for $6.8 million,

and in November found the Boston-based firmanother shiny asset at 21 Strathmore Rd. inNatick for a total value of $9.8 million. Hughesis now assisting his grateful client on leasing upavailable space in the two original properties,10 and 20 Speen St., with the 15,500-sf Natickbuilding fully occupied on a triple-net basis by alaboratory tenant that did engage Genesis toprovide third-party management. ChiefInvestment Officer Robert B. King explains hisfirm was interested in buying for its own

account to parlay its third-party property man-agement expertise as a value-add element of aninvestment strategy. In an interview regardingthe Natick acquisition, King said his firm contin-ues to look for opportunities, but counts 2012as an encouraging launch. “Scott did an excel-lent job for us,” King says, “and hopefully wecan build on what we’ve done already.”

Even in paying nearly $200 per sf, Kingterms 21 Strathmore Rd. “a pure income play

BANNER YEARcontinued from page 62

21 STRATHMORE RD., NATICK MA

602,331 dollars4,785 hours4,319 volunteers408 opportunities

thousands of livesimpacted in your

community

this was our 2012 impact. it’s a new year.what impact will your company make in 2013?

let us help.

contact us at volunteer@buildingimpact.orgjoin us as we celebrate serviceand honor our volunteers

march 28, 2013

continued on page 64

JOHN R. PARSONS JR.

VICTOR GALVANI

THE ANNUAL REVIEW THE REAL REPORTER ®64

for us,” while Hughes praises former ownerMaric Inc. for having the foresight to expand thebuilding and sign Parcells Laboratories to along-term commitment that made it an invest-

ment-grade asset. The loca-tion is superior as well,Hughes says, withStrathmore Road part ofthe Natick Business Parkand near the Natick Mall.

In addition to NewDover Associates,Framingham is home toanother spirited independ-ent firm, ParsonsCommercial Group, whichtook on several intriguingassignments last year,including Galvani as advi-sor to the seller of 10Speen St., which traded for$3.7 million versus $3.1million for 20 Speen St.,with David Ross of CresaPartners working for theseller there, that being theAmerican Cancer Society.

In an even bigger sum-mertime sale, Galvaniassisted ParagonCommunications in its $8

million acquisition of 41 Main St. in Bolton, a300,000-sf flex/office property set on a 72-acrecampus where the buyer intends to relocateoperations from its Ashland headquarters. TimO’Callaghan of Binswanger was agent for theseller of the property whose features include

30-foot clear heights, three levels of officespace and 10 loading docks with levelers.Paragon is a market leader in remanufacturedelectronics and a range of services and suppliesfor the technology sector.

Founder John R. Parsons, meanwhile, hasbeen seeking out multifamily properties for hisown account. After a quick turnaround of twoBoston assets, Parsons spent $19.2 million toacquire an apartment community in Columbia,South Carolina, the state capital. “It’s a goodmarket,” relays Parsons in explaining that cityand others like Charleston and Myrtle Beach areon the upswing.

Greater Boston Commercial Properties pro-fessionals were all over the MetroWest, withBenjamin Gatti advising Sandra & Anthony AnticoReal Estate in their purchase of an 80,000-sfindustrial building on six acres in Marlborough

and an adjacent 12-acresite for a total considera-tion of $2.9 million. Theseller, Marlborough ElmsLLC, was advised by DavidCurley of O’BrienCommercial Properties Inc.As part of the agreement,Curley’s client is leasingback 21,000 sf for his usedfurniture company, whilethe buyer will use 10,000 sffor a sprinkler company,A.J. Antico IrrigationSystems. Two other tenantsfill another 30,000 sf.

Speaking of O’BrienCommercial, other invest-

ment sales were completed in 2012 including theDecember trade of 124 South St. in Bedford, a6,000-sf industrial building bought by Scherrer &Chen Property LLC. The firm’s 2012 Broker of theYear, Paul Mulroy, advised seller South RoadTrust, while colleague Joel Aho was agent for thebuyer. Among the 20 leasing and sales dealsMulroy did to earn the top designation, he har-vested 1000 Main St. in Acton and 160 Ayer Rd.in Littleton. President Eric O’Brien orchestratedthe trade of a 5,000-sf building at 63 Great Rd.in Maynard between buyer Haley & Ward andLexvest Partners. Curley represented the seller of241 Boston Post Rd. in Marlborough, a stylish24,700-sf building that was half-leased at thetime of its $3.5 million swap in July. LincolnProperty Co. advised the buyer, Cadd Edge Inc.

Bret O’Brien of Greater Boston CommercialProperties advised the seller in disposition of an8,875-sf industrial building on 1.9 acres at 18Alpha Rd. in Chelmsford. Buyer Craven RealEstate Development LLC was represented by JoeReady of Ready Real Estate. O’Brien also partic-ipated in the purchase of a 135,000-sf industri-al building at 47 Sumner St. in Milford by PlanetAid, a firm which assists in fundraising throughclothing box donations and other efforts. CraigJohnston and John Eysenbach of R.W. Holmeswere agents for the seller, CreativeDevelopment, which reaped $1.25 million in theagreement that will enable Planet Aid to relo-cate from a smaller facility in Holliston. Thebuilding sits on a 7.6-acre site.

The Milford deal was among a baker’s dozenof transactions above $1 million brokered by R.W.Holmes professionals in 2012, the largest a $15

BANNER YEARcontinued from page 63

395 WORCESTER RD., NATICK MA

CHARLES DETWILLER

GARRY HOLMES

ARTHUR P. AMADEI

84 NEWBURY ST., PEABODY MA continued on page 65

THE REAL REPORTER ® THE ANNUAL REVIEW65

million consideration for a 50,000-sf build-to-suitat 3 Forge Park in Franklin on behalf of HamiltonStorage Technologies, with Eysenbach as theirbroker. Next was the acquisition of 10 CaliforniaAve. in Framingham by Genzyme Corp., an $8.1million agreement involving Chris Tosti ofCBRE/NE advising Genzyme and R.W. HolmesPresident Garry Holmes as exclusive listing agentfor the seller, Columbia Electric Corp. The 62,675sf property that sits on 4.7 acres is presentlyoccupied by both Genzyme and Staples.

Two properties—605 Main St. in Shrewsburyand 205 Flanders Rd. in Westborough—sold forthe same price of $4.5 million. The Shrewsburyasset is an 18,575-sf medical office buildingbought by DSN Realty Trust, with R.W. HolmesSenior VP Craig Johnston negotiating for thebuyer and Eysenbach on behalf of the seller, RPIShrewsbury Main Realty LLC. The buyer was com-pleting the back end of a 1031 exchange, havingretained Johnston and Eysenbach to harvest 205Flanders Rd., a 76,125-sf manufacturing buildingon 5.6 acres that was bought by 205 FlandersRoad LLC.

R.W. Holmes also oversaw the $1.6 millionsale of 203 Flanders Rd. in Westborough andnearby 145 Flanders Rd. for $1.45 million.A trio

of Natick assets were processed by the firm,with a former US Postal Service unit at 177 PineSt. in Natick yielding $2.57 million in its mid-December sale by the USPS, represented byCBRE/NE. Eysenbach delivered the buyers, CareEverywhere and Zynomedical. Elsewhere intown, 56-58 North Ave. fetched $1.5 millionand a 27,000-sf building at 5-7 Michigan Dr.reaped $1.2 million. R.W. Holmes Senior VPsArthur P. Amadei and Charles Detwiller handledboth sides of the latter sale to Michigan DriveLLC by Hosokawa Micron International.

Bill Sullivan was agent in the $1.3 millionexchange of 108 Forest Ave. in Hudson for $1.3

million. The two-story, 30,000-sf flex officebuilding was acquired by Facilis Technology Inc.from Re-Act Realty LLC, which also retainedSullivan to divest 1 Bonazzoli Ave., an adjacent26,000-sf building that went for $1.5 million.

In other R.W. Holmes deals, 80 Union Ave. inSudbury yielded $1.7 million, while separatelyJohnston and Garry Holmes were the brokersfor seller Bonazzoli Realty Trust in their $1.37million sale of 135 Maple St. in Marlborough toGremar Realty Trust. R.W. Holmes also procuredthe buyer of the 18,125-sf retail building thatsits on 1.3 acres. It is being renovated as a localhardware store. �

BANNER YEARcontinued from page 64

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