Grid District Developer Purchases MetroPCS Building

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Article from the WBJournal, written by Grant Welker, Zachary Comeau

A developer that’s transformed the southern edge of the Worcester Common as the mixed-use Grid District has purchased the former MetroPCS building around the corner on Main Street for $450,000.

The five-story, 7,400-square-foot building was assessed for $210,000, according to the city.Five Seventeen Main LLC was listed as the buyer and Josen Donovan, vice president of Boston based developers MG2, is listed as the manager of that entity. He could not immediately be reached for comment Tuesday. MG2 has already invested heavily in the area, making the Grid District a draw for a growing student and young-adult population downtown. The developer knocked down the Paris Cinema last year to make way for a three-season Beer Garden, which is expected to open this spring.

The Grid District also includes Stix Noodle Bar, which opened last month, and the cafe Brew on the Grid. Just across Portland Street, Revolution Pie + Pint and Craft Table & Bar are expected to open this spring as part of a comedy club called Woohaha.

Read the full article here.

MG2 Completes Acquisition of Landmark Back Bay Residential Building

John McGrail

Last month, MG2 completed its acquisition of 223 Marlborough / 11 Exeter in Boston’s Back Bay for $9.1 million. The signature building consists of ten individual units, totaling 12,200 square feet and was originally constructed in 1900.

With entrances on both Marlborough and Exeter Streets, the building’s location on the sunny side of Marlborough makes it an ideal residential location. Residents of this building will be minutes from some of Boston’s most beautiful natural resources, Commonwealth Avenue Mall, the Public Garden and the Esplanade.   It is close to the desirable services and amenities of the Back Bay without sacrificing the tranquility that Marlborough Street is known for.

MG2 is currently planning to utilize its construction arm, Alaris Construction, to complete renovations on the building and units. Alaris allows MG2 to capitalize on cost savings as the firm’s highly specialized team continually delivers unparalleled work and has years of experience in historic renovations, as well as new construction.

Boston is experiencing an unprecedented building boom and the Back Bay continues to be a good investment. The neighborhood boasts some of Boston’s most sought-after properties and is definitely an area MG2 keeps a close focus on for investment opportunities.

MG2 Year End Recap

John McGrail

MG2 finished 2015 out strong, closing nearly one deal per week over the last two months of the year. The majority of those deals were closed in East Boston, an area historically ignored by real estate investors. While the cost per square foot in downtown Boston has been steadily rising, exceeding $1,000 per square foot in 2015, we are confident in the middle-market potential of East Boston. We will continue to invest in the redevelopment of that area of the city; providing quality, workforce housing options.

We were able to close on seven East Boston properties in 2015, totaling more than 70,000 square feet. Additionally, we have closed more East Boston properties in early 2016, bringing our total East Boston portfolio to 10 assets, and will retain a company focus on continuing to find value in East Boston throughout 2016.

Moving into 2016, we are also expanding our focus to include the opportunities available to revitalize downtown Lynn. In 2014, we were able to acquire an eight-story iconic flatiron building in the city center. We are planning a gut renovation of the building and restoring its exterior to its 1914 glory. Once complete, 49 apartments will be made available with an additional 3,800 square feet of ground floor retail space. “This is a very interesting project. It involves working with the City of Lynn, the State Office of Housing and Economic Development and Historic Tax Credit experts to bring market rate units and an active retail space to Central Square,” said Joseph Donovan, MG2 Vice President.

Lastly, we are in the midst of a massive repositioning project in Worcester on Franklin Street at Portland Street. This mixed-use development is nearly two million square feet, covering an entire city block and involving over 500 individual residential units that we have acquired over the past 10 years. The majority of the project consists of student and young professional housing, with an official launch of the new vision and redevelopment plans in May.

As we push forward into 2016, we are keeping an eye on real estate trends in the greater Boston region, and one that we are particularly interested in is the overall cost of construction. As a vertically integrated firm, MG2 has its own construction arm, Alaris Construction, enabling us to capitalize on cost savings and quality work through self-performed construction, similar to our work in downtown Lynn.

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