14 Jun Wood Partners Acquires Site of Brigham's Ice Cream Factory in Boston Suburb for New Eco-Friendly Apartment Community
Contemporary Mixed-Use Community Adjoins Famed Minuteman Bikeway and Will Be Within Walking Distance of Arlington Center
By: Marketwire .
Jun. 14, 2011 09:00 AM
ARLINGTON, MA — (Marketwire) — 06/14/11 — The long-vacant
site of the former Brigham’s Ice Cream Company was acquired today by Wood Partners, LLC, a national multifamily developer that plans to convert it into a 116-unit mid-rise apartment community with retail elements and extensive open green space.
The four-acre site was purchased for $5.6 million from Cambridge Savings Bank, which foreclosed on the property in August 2008, shortly after the ice cream factory stopped production when the Brigham’s name and recipes were sold to a competitor. Demolition of the obsolete 85,000 square foot office and warehouse facility will begin later this month. The community is expected to open in the fall of 2012.
The deal marks the third acquisition by Wood Partners in the Boston area over the past 18 months, with its other projects in Stoughton and Melrose, Mass.
“The site was highly attractive to us because it is located in a well-established infill location in a very stable market with extremely high barriers to entry,” said Rick Dickason, Wood Partner’s regional director of development for New England.
“It is nearly impossible to find available land of sufficient size to justify apartment development within walking distance to neighborhood amenities like Arlington Center. The projected development pipeline for this area is pretty dry and we expect little new competition at or below our price point for many years.”
Located at 30 to 50 Mill Street, the new community will include 18 studio units, 35 one-bedroom units and 63 two-bedroom units. Pursuant to Arlington bylaws, 15% of the units are reserved for families earning 70% or less of area median income. Amenities will include a clubhouse, cyber-café and fitness center, and an exclusive outdoor area with built-in grills and seating areas.
The mixed-use development also incorporates approximately 3,500 square feet of retail space, likely consisting of small community retail or medical office space.
The property is located just half a block away from Massachusetts Avenue and Arlington Center, the city’s long-established main street that includes the town hall, the public library and an eclectic mix of restaurants and shops.
The community is adjacent to the popular Minuteman Bikeway, a former rail line converted to a pathway that area residents use for both recreation and commuting. It is one of the most heavily-utilized rail trails in the country with about two million trips per year. The town of Arlington plows its section of the bikeway for year-round use.
The Minuteman Bikeway connects to the Alewife station in Cambridge on Boston’s MBTA subway system — which is also a 10-minute ride away on the MBTA bus system, which has two stops near the property. The property offers easy access to downtown Boston and several highways, including the adjacent Route 2A.
Low vacancy rates, a diversified economy, and steady job growth fuelled by nearby Harvard University and the Massachusetts Institute of Technology — along with numerous biotech and high-tech companies linked to these institutions — ensure robust demand for the apartments that Wood Partners expects to remain steady through virtually any market cycle, Dickason said.
Cushman & Wakefield’s Capital Markets Group, including Simon Butler, Biria St. John, Michael Byrne and John McLaughlin, exclusively represented the seller, CSB Transaction LLC and procured the buyer W.P. East Acquisitions, LLC, an affiliate of Wood Partners of Atlanta, Georgia. The architect is Cube 3 Studio of Lawrence, Mass.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 36,000 homes with a combined value of more than $4.5 billion nationwide. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com