Banker & Tradesman, August 26, 2019

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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: Hampshire Spotlight: Middlefield

Leading the chamber’s efforts is President and CEO Peter Forman, who has been with the chamber for 14 years. Prior to his current role, Forman spent over 20 years in government as a member of the Massachusetts House of Representatives, sheriff of Plymouth County and undersecretary of administration and finance under former Gov. Paul Cellucci.

IN PERSON

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WEEK OF MONDAY, AUGUST 26, 2019

COMMERCIAL REAL ESTATE BY THE NUMBERS

The Southbridge Innovation Center is updating its on-site power plant to offer discounted utility costs to prospective industrial tenants. The $6 million cogeneration plant operated by Trane Commercial Systems is expected to come online in early fall.

COMING INTO FOCUS

$84 million 115 Hartwell Ave. in Lexington traded hands at the end of July for $84 million, the biggest sale of the month. See the rest of the top 10 sales on page B3. Source: The Warren Group

62,000 square feet Spire Printing relocated from Boston to Peabody earlier this month, leasing 62,000 square feet at 1 First Ave. See the Lease Roundup on page B8 for more companies on the move. Source: Colliers International

$11 million Alexandra Partners acquired two Washington Street parcels in July for $11 million and has received approval to construct a boutique hotel on the properties. See Hot Property on page 7. Source: Suffolk County Registry of Deeds/Boston ZBA

35 As the new head of the New England region for Avison Young, Thomas Collins oversees the brokerage’s team of 35 employees based out of Boston. See Insider Insights on page B2 for more about Collins. Source: Avison Young

1.2 million square feet Franklin Realty Advisors has been redeveloping the 1.2 million-square-foot Southbridge Innovation Center for over a decade. See Steve Adam’s story on this page. Source: Franklin Realty Advisors

$18.02 Middlefield’s commercial tax rate is $18.02. See By the Numbers on page 6 for more about the tiny town – population 521 – in Hampshire County. Source: Middlefield Assessors’ Office

12,000 square feet When it opens later this year, the Kelley Square Lofts in Worcester will include the 12,000-square-foot Worcester Public Market in the ground floor retail space. See Jay Fitzgerald’s article on page B1 for more about the latest developments in Worcester. Source: Canal District Partners

250 square miles The embattled wind farm off 15 miles south of Martha’s Vineyard will include 84 turbines spread over 250 square miles. See Christopher Vaccaro’s column on page B3 for the latest on the farm’s challenges. Source: Vineyard Wind

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.

A VISION FOR FORMER

AMERICAN OPTICAL FACTORY Cogeneration, Housing Diversify Southbridge Redevelopment BY STEVE ADAMS BANKER & TRADESMAN STAFF

A

new cogeneration plant will soon open on the campus of the Southbridge Innovation Center, providing a source of inexpensive energy that could aid the developer’s recruitment of industrial tenants. The $6 million project will replace a conventional power plant that serves the

150-acre property, a former American Optical Co. factory that closed in the 1980s. Wellesley-based Franklin Realty Advisors has spent over a decade updating 1.2-million-square-foot complex, which contains a hotel and conference center leased by the U.S. Department of Defense and a dozen factory buildings occupied by offices, industrial users and Quinsigamond Community College classrooms. Franklin Realty Advisors Managing Partner Chip Norton Jr. said the new 1.1-megawatt cogeneration plant, operated by Trane Commercial Systems under a sixyear contract, will supply over 70 percent Continued on Page 7

25 Case St. building, Southbridge MA

GAINING GROUND

COMMERCIAL INTERESTS

JPMorgan Chase, People’s United, PNC Bulk Up Presence

High Income, Home Prices Contribute to Higher Expectations – and Costs

By Bram Berkowitz | Banker & Tradesman Staff

By Scott Van Voorhis | Banker & Tradesman Columnist

Transportation Overhaul Likely Large Banks Eye Boston, Look to Pick Up Market Share to Come in Far Over Budget

Banking & Lending PAGE 9

Commercial Real Estate PAGE 10


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