Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Dukes and Nantucket Spotlight: Oak Bluffs
The Boston fintech firm Numerated spun out of Eastern Bank two years ago, boasting it could approve business loans of up to $100,000 in five minutes. The genius behind Numerated is Founder and CEO Dan O’Malley, who first created the company inside Eastern Bank.
IN PERSON
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WEEK OF MONDAY, APRIL 29, 2019
COMMERCIAL REAL ESTATE BY THE NUMBERS
65 percent The drop in storefront vacancies in Arlington Center after the town started fining landlords of long-vacant storefronts. See Steve Adams’ story on this page. Source: Ali Carter, Arlington Economic Development Coordinator
196.3 million square feet The amount of retail inventory in eastern Massachusetts, up 1 percent from 2017. See Jay Fitzgerald’s story on page B1. Source: KeyPoint Partners
SPOTLIGHT ON STOREFRONTS
WAR ON VACANCIES HEATS UP
1 in 4 Just under one in four respondents to a recent poll said they considered leaving the state over traffic and transit problems. See Week on the Web on page 2. Source: MassINC
A Boston city councilor is pushing a fee for landlords who keep storefronts vacant longterm, citing a quirk of tax law that he says encourages disengaged landlords to keep their properties vacant.
24 hours Cellphone data can let planners and landlords zero in on the best mix of ground-floor uses throughout the day. See Brad Barnett’s column on page B4. Source: Sasaki Strategies
$400 The annual fee Arlington charges owners of long-vacant storefronts. See Steve Adams’ story on this page. Source: Ali Carter, Arlington Economic Development Coordinator
$39 million
Debate Centers on Incentives and Penalties for Landlords
British private student housing operator Scape paid $39 million for two Trans National Properties parcels in the Fenway. See page B1. Source: Suffolk County Registry of Deeds
BY STEVE ADAMS BANKER & TRADESMAN STAFF
R
etail has been the weak link in Greater Boston’s commercial real estate boom, and one that’s attracting increased scrutiny because of vacant storefronts’ tendency to sap vibrancy and spread blight. Boston is the latest community to consider a vacant prop-
25 percent The share of the nation’s shopping malls expected to close by 2022. See Jay Fitzgerald’s story on page B1. Source: Credit Suisse
erty registry and penalties for landlords who let unused storefronts linger. District 6 City Council Matt O’Malley is calling for the implementation of an unspecified fee to be imposed upon owners of vacant storefronts, following the lead of communities such as Arlington, Lowell and New Bedford. The debate comes amid a deluge of retail bankruptcies
and store closings nationwide. U.S. retailers announced nearly 6,000 store closings through mid-April, already surpassing the total for all of 2018, according to a report by Coresight Research. Many chains still opening new stores, such as Target, have switched to smaller-footprint prototypes to save on real estate costs and overhead.
Continued on Page 7
$12.68 million National Development paid $12.68 million for parts of three South Boston blocks surrounding a key intersection. See page B1. Source: Suffolk County Registry of Deeds
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
E - C L O S I N G S I N T H E C O M M O N W E A LT H
COMMERCIAL INTERESTS
Closing Attorneys Oppose Measure, Citing Borrower Protections
But Without Transit Improvements, Communities Beyond 495 Will Languish
In Bid to Modernize Closings, Lenders Push E-Notarization on Beacon Hill By Bram Berkowitz | Banker & Tradesman Staff
Banking & Lending PAGE 9
Boston’s Transportation Problems Benefit Gateway Cities’ Home Prices By Scott Van Voorhis | Banker & Tradesman Columnist
Commercial Real Estate PAGE 10