Friday, August 17, 2012

Industry News: New England

Cresset Development, owner of the Seaport District Liberty Wharf complex, is putting the property up for sale. The complex houses five restaurants: Legal Harborside, Temazcal Tequila Cantina, Del Frisco’s steakhouse, Jerry Remy’s sports bar, and 75 at Liberty Wharf, a bar and grill scheduled to open in the fall. 28,000 s/f of office space is leased to Congress Wealth Management, the software company¬ R Studio, and Fama PR, a public relations firm…Outback Steakhouse will replace David Ortiz’s Big Papi’s Grille on Route 9 in Framingham, MA. A demolition crew this week razed the eatery that closed last summer to make way for a new 12,532 s/f building that will have space for up to 3 new retailers...Lululemon Athletica signed a lease for a 3,100 s/f store at the Chestnut Hill Shopping Center, the 406,000 s/f center underway in Newton, MA, joining Pottery Barn, The Sports Club/LA, Cinema de Lux, Polarn O. Pyret, Shake Shack, Pinkberry, Treat Cupcake Bar, and Bernard’s. Occupancy is expected for next year…Linear Retail Properties has purchased 2 retail condos on the ground floor of the Bryant Back Bay at 303 Columbus Avenue in Boston for $1.79 million. The condos total 2,970 s/f. One space is leased to Urban Grape, and lease negotiations are underway for the other unit…A 50,000 s/f Whole Foods will anchor the retail portion of the planned Ink Block South End redevelopment of the former Boston Herald property on Harrison Avenue in Boston, the chain's largest in Boston. Ink Block South End will feature retail and restaurant space on the ground floor with 471 apartments. The site was the home of the Boston Herald until February. Construction is scheduled to begin in early 2013…Eastern Bank of Boston and Community Bank of Brockton will merge by year’s end. Eastern Bank is a mutual bank and the Community Bank is a cooperative bank, and no premium was paid, the two banks said. Community Bank has 5 branches, and Eastern Bank has 94 banking offices in Eastern Massachusetts, in addition to 22 Eastern Insurance offices…Insomnia Cookies, a chain of late-night cookie delivery shops, is eyeing a store at 65 Mt. Auburn St. in Harvard Square. The company now has 22 locations nationwide, 17 of them around college campuses…Suburban Massachusetts French-fry restaurant, 3Potato4, is planning to expand to Boston, eyeing restaurants at the Prudential Center, the W Hotel and the Theater District. 3Potato4 serves fries only. The potatoes are organic, baked instead of fried. 3Potato4 is also eyeing expansion to New Orleans, Las Vegas and New York…Stop & Shop opened a new 65,000 s/f store at 1220 Iayannough Road in Hyannis, MA, replacing an existing store on Independence Road. Stop & Shop operates more than 400 stores in six Northeast states…TJX Cos. purchased its Framingham, MA headquarters for nearly $117 million, three months after buying a pair of Marlboro office buildings for $63 million. TJX will renovate the properties over the next several years. T.J. Maxx will open a store this fall in the anchor space formerly occupied by Borders in the Cambridgeside Galleria in East Cambridge…Stephanie's will open its third location, a restaurant at 11 West Broadway in South Boston, replacing local watering hole The Quiet Man Pub…Franchiser Five Star Equity Partners, LLC signed an agreement with Jamba Juice to open five Connecticut stores over the next several years....The former Filene's Basement store at 215 Needham St. in Newton will be sold at a public foreclosure auction on Sept. 13 following a mortgage default.

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