Home Care In Northbridge, MA

NorthBridge Partners, LLC, a real estate investment company based in Wakefield, has purchased $16.2 million in properties in Shrewsbury, Sterling, and Boylston over the last few weeks, according to the Worcester South District Registry of Deeds.

The first deal in Shrewsbury was the sale of Centech Park North, a biopharmaceutical office park in the works for more than 10 years. The Town of Shrewsbury sold the property for $6.5 million in a deal closed Sept. 24 for $6.5 million.

Centech Park is an expansive project with four locations throughout Shrewsbury and Grafton, according to the Worcester Business Development Corp.

Located at 384-386 South St. and 721 Hartford Turnpike, the NorthBridge Partners' section of the park is proposed to have a total of roughly 303,000 square feet across three buildings. NorthBridge Partners submitted an application for a site master plan to the town in April, according to public documents on the town website.

The Town of Shrewsbury bought the 60-acre parcel in 2003 for $6 million and published the first master plan for the project in 2009. The Town's assessed value of the property is $4.5 million.

On the same day as the Shrewsbury deal, NorthBridge Partners bought a 60,000-square-foot warehouse at 13 Chocksett Road in Sterling for $4.2 million.

The building is a distribution center for Pennsylvania-based snack manufacturer, UTZ Quality Foods Inc.

It was sold by Jeffrey, Robert, and Janis Eydenberg, who are all trustees of the A&E Realty Trust of Fitchburg, according to the deed. The Town of Sterling assessed the property at $2.5 million.

In Boylston, the company bought a 55.5-acre parcel of vacant land along Pine Hill Drive for $6.5 million, per the deed. The deal closed Oct. 15.

NorthBridge Partners proposed a roughly 400,000-square-foot distribution warehouse for that parcel to the Boylston Planning Board in May, and it was approved in June. It is located on the border of Shrewsbury off I-290 and next to a FedEx distribution facility.

The property was sold by John and Donna DiPilato and Nancy Germain.

NorthBridge Partners owns a number of warehouses throughout Central Massachusetts in towns such as Northborough and Clinton.

On its website, NorthBridge Partners says it is focused on investing in small-to-midsized industrial assets to meet a growing demand for e-commerce distribution and supply. The firm was unavailable for immediate comment Wednesday morning on its recent purchases.

BOYLSTON, MASS. — Massachusetts-based developer NorthBridge Partners has broken ground on a 396,375-square-foot industrial project that will be situated on a 55.5-acre site at 80 Pine Hill Drive in Boylston, located northeast of Worcester. Slated for a fourth-quarter delivery, the building will feature a clear height of 36 feet, 92 dock-high doors, 45 trailer parking stalls and 492 car parking spaces. Jeff Black, Sean Burke and Bryan Koop of Colliers arranged $38.7 million in construction financing for the project through Cambridge Savings Bank on behalf of NorthBridge Partners. Colliers has also been retained to lease the property.

JERSEY CITY, N.J. — Locally based mortgage banking and advisory firm Progress Capital has arranged a $196.9 million acquisition loan for a 432,000-square-foot office building located at 70 Hudson St. in Jersey City. Tenants at the 12-story building include TD Ameritrade, Gucci, Fidessa and Federal Home Loan Bank of New York, as well as CVS in the ground-floor retail space. Brad Domenico of Progress Capital arranged the loan through Natixis Bank on behalf of the borrower, a partnership between Vision Properties and Hana Financial. David Bernhaut of Cushman & Wakefield brokered the sale of the property. The seller was not disclosed.

EVERETT, MASS. — Las Vegas-based Wynn Resorts (NASDAQ: WYNN) has entered into an agreement with San Diego-based REIT Realty Income Corp. to sell and lease back Encore Boston Harbor, a luxury resort and casino located outside the state capital in Everett. Under the terms of the deal, which is expected to close in the fourth quarter, Wynn will sell all of the real estate assets to Realty Income for $1.7 billion in cash while continuing to operate the property. However, Wynn will retain ownership of a nearby 13-acre site that will eventually house parking and other non-gaming amenities. Wynn will also enter into a triple-net lease with Realty Income that calls for an initial annual rent of $100 million with 1.75 percent increases for the first 10 years. The initial lease term is 30 years, and the contract includes one 30-year renewal option.

WASHINGTON, D.C. — The total amount of commercial and multifamily mortgages originated in the fourth quarter of 2021 were up 79 percent compared to a year prior, according to the Mortgage Bankers Association (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

“The fourth quarter of 2021 was a record end to a record year of borrowing and lending backed by commercial and multifamily properties,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Part of the growth from 2020 was a bounce-back from the worst of the recession. However, rebounding property fundamentals and strong valuations, record sales transaction volumes, and low interest rates all fueled commercial and multifamily borrowing and lending activity that easily outpaced previous periods.”

The highest increases in commercial and multifamily lending volumes occurred in hotel, office, industrial and retail properties when compared to the fourth quarter of 2020. There was a 167 percent year-over-year increase in the dollar volume of loans for hotel properties, a 122 percent increase for office properties, a 113 percent increase for industrial properties, a 109 percent increase for retail properties and a 57 percent increase for multifamily properties. On the flipside, however, healthcare property loan originations decreased 17 percent compared to the fourth quarter of 2020.

Additionally, fourth-quarter originations were up 44 percent compared to the third quarter of 2021. Last year, commercial and multifamily mortgage bankers’ originations volumes were 67 percent higher than in 2020. By property type, originations for industrial properties increased the most, rising 140 percent from 2020.

NORTHBRIDGE - This year's "Battle of the Bridges" between Uxbridge and Northbridge was just as much a battle of the LaChapelles.

"This is the first time in a couple years where the entire family will be down on the field," said Northbridge High School football coach Ken LaChapelle.

LaChapelle, the winningest coach in Massachusetts high school football history, is now coaching two of his grandsons on the Rams - Joel and Jake. Joel's his quarterback.

"Not many people get to get coached by their grandfather, and I think I'm lucky to be coached by him," Joel said.

But on the other side are two of LaChapelle's other grandsons - Kellen, Uxbridge High School's quarterback, and Camden. Both of the players marked their calendar for the family "get together," realizing just how rare the game was.

"It never happens.... it's really cool that we get to experience that," said Kellen LaChapelle.

"I got hurt, but it was fun watching them," said Camden.

In 48 years as Northbridge's head coach, Ken LaChapelle has coached his sons, as well as his daughter in softball. However, seeing his grandsons take lead roles in the schools' storied rivalry was a moment he said he didn't take for granted.

"Thanksgiving we all should be thankful for something. I'm thankful for family," Ken LaChapelle said.

In the end, Kellen, Camden and The Spartans claimed the trophy and will head to Foxboro for the Division 7 State Championship.

Nick Giovanni

Nick Giovanni is a weekend anchor and general assignment reporter for WBZ-TV.

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NORTHBRIDGE, Mass. — Northbridge residents are waiting for the floodwaters to recede after the Blackstone River crested its banks. Water from the swollen river left properties and cars waterlogged in the Riverdale neighborhood on Thursday.

Northbridge Fire Chief David White told Boston 25 News he believed the river reached its highest point around 3 p.m. at 10.43 feet.

Neighbors whose homes were on the edge of the floodwaters remained worried about the threat of flooding through the evening.

>>>MORE: Task Force heading to NJ, EF-0 Tornado confirmed in Dennis, flooding reported across MA

“If it reaches my apartment, I’ve got to vacate,” said Rhonda Jorritsma. “I live on disability. Where am I going to go? I have no place to go.”

Some people spent all day Thursday pumping out as much water as they could to try to keep the water from reaching their basements.

“You got people whose cars are flooded. You got people whose livelihoods are on the line, and it’s really hard for people,” said Connor King.

The water reached portions of Providence Road and Church Street Extension, but neither roadway was closed to traffic. Local officials blamed the flooding from the rising river on the excessive rainfall that’s fallen across the area over the last few months.

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Shrewsbury, MA – Colliers announced that it has secured the first lease of Centech Park North, a 310,000 square-foot flexible industrial campus currently under construction in Shrewsbury, Massachusetts.

SGPS ShowRig, a leading entertainment equipment solutions firm, will lease 49,524 square feet at Centech Park North’s Building B. Colliers’ team of Kevin Brawley, Stephen Woelfel, PJ Foster, Kevin Hanna, Ovar Osvold & Wayne Spiegel represented landlord Northbridge Partners; Cresa’s Rhett Delk and Nate Heilbron represented the tenant.

Centech Park North sits in the heart of the MetroWest, with easy access to much of the Northeast regional population and major roadways. Construction is moving quickly on the 60-acre industrial campus as walls are up and delivery is slated for early Q4 2022. With SGPS’s lease, Centech Park North now has 196,975 SF of subdividable flex/industrial space in Building A and 53,576 SF in Building B available.

In addition to the leasing successes at Centech Park North, Colliers is also seeing expanded interest in sister industrial property 80 Pine Hill Drive in Boylston, MA. The 396,375 square-foot industrial building is currently under construction, with delivery on track for January 2023. Adjacent to the 362,000 SF FedEx Distribution Center, 80 Pine Hill Drive features immediate highway access to Interstate 290 and Route 140.

“We have been really pleased with interest in Northbridge’s campuses in Shrewsbury and Boylston. Market activity continues to be strong in MetroWest, with several tenants interested in the remaining vacancy of Centech Park North and its sister property at 80 Pine Hill Drive,” said Kevin Brawley, Senior Vice President, Colliers.

Boston — Newmark announced the sale of 100 Rustcraft Road, a flex, R&D and laboratory asset located in the suburban Boston community of Dedham, MA.

Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, RJ Kelly and Independencia Asset Management, and procured the buyer, Invesco Real Estate, a global real estate investment manager.

Totaling 422,117 square feet, 100 Rustcraft Road is presently 100% leased to a diverse rent roll anchored by General Dynamics and the American Red Cross. The asset features highly desirable and reusable infrastructure including multiple entrances, loading docks and drive-in doors plus 13’ to 26’ clear heights and abundant parking capacity.

“As a single-story building with flexible infrastructure on a 53-acre site just 20 miles outside of Boston, 100 Rustcraft Road is an irreplaceable asset with exceptional functionality for a variety of uses,” said Pullen. “The asset is well positioned to benefit from the region’s favorable flex sector fundamentals as R&D, life science and industrial tenant requirements continue to converge.”

100 Rustcraft Road is located directly behind an expansive mixed-use complex known as Legacy Place, off the coveted Interstate 95/Route 128 highway corridor and along an MBTA commuter rail route offering direct access to Boston.

Newmark Senior Financial Analyst William Sleeper provided financial analysis support for the transaction.