CAMBRIDGE, MA-Cresa Partners' 2004 first quarter real estate market report forecasts that the area's office and lab markets will continue to experience rising vacancies and decreasing rents. The report indicates that rents may drop 1% to 3% through mid-year before they stabilize.
BOSTON-LaserShip relocates its area offices to 21 Drydock Ave. from 400 West Cumming Park in Woburn. The Vienna, VA-based transportation management company is leasing nearly 7,000 sf at its new location.
MANSFIELD, MA-Goat Hollow Realty Trust sells 360 Forbes Blvd. a 44,080-sf industrial building to Lacerta Group, Inc., for $2.5 million. The buyer, which recycles magnetic media and data media products, will use the space as a manufacturing facility.
SOUTH TEWKSBURY, MA-A special town meeting gives Mills Corp. the approval it needs to move ahead with its 1.1 million-sf retail development on a 38-acre parcel here. The project is the largest development proposal ever in the town and one of the largest in the state.
BOSTON-Brigham & Women's Faulkner Hospitals Inc. renews its lease for 10,370 sf of office space at 116 Huntington Ave. The class A 14-story, 268,672 sf office located in the city's Back Bay neighborhood is nearly fully occupied.
MASHPEE, MA-Permanent financing of $15 million was arranged for a portion of Mashpee Commons, a development which currently consists of more than 90 stores. At its full build out, Mashpee will have six interrelated neighborhoods containing retail and office space as well as housing units.
WALTHAM, MA-R/D Tech Instruments leases 56,826 sf at 48 Woerd Ave. in a sublease deal with Cisco. The Quebec City-based company is taking the space for its new subsidiary, Panametrics NDT, which it acquired in January 2004 from General Electric.
BRIDGEWATER, MA-Mining Organics Manufacturing, a Boston-based company, wants to build a fertilizer plant on the grounds of a seven-acre landfill that has not been used for nearly 15 years. The proposal involves capping the landfill.
BOSTON-A partnership headed by Linchris Hotels acquires the 72-room Best Western Terrace Inn on 1650 Commonwealth Ave. from Terrace Trust. The property provides Linchris with a position in the area market from which it will likely expand.
ASHLAND, MA-Ashland Shelly Corp. sells the Chestnut Apartments to Bethesda, MD-based Fairfield Residential for $19.4 million. The 207-unit apartment complex is located at 5-18 Joanne Dr. near the new commuter rail station in Ashland.