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LYNNFIELD, MA-The town has acquired a 98-acre parcel that was targeted by developers for multifamily housing. The $12-million deal gives the community ownership of a 44 acre golf course and an adjacent 54 acres of wetlands.

Victor Nolletti, with Marcus & Millichap’s New Haven, CT office, who helped negotiate the sale for an undisclosed Florida-based real estate trust, tells GlobeSt.com that at least six developers topped the town’s $12 million offer to acquire the property, which had been marketed for multifamily use with an affordable housing component. Town officials, however, scrambled to come up with the cash to acquire the property, which remains one of the last undeveloped parcels in the center of town, he says.

Since sale of the parcel was based on contingencies, including development approvals that could stall the sale for years, Nolletti says the seller opted for a quick sale that would give the town ownership of the only golf course in town, and the surrounding wetlands. “Whenever you sell, you look at price and terms and the town had much more favorable terms because they were not subject to approval so they bought it at a better number,” he notes.

It was unclear what the town would do with the parcel, but Nolletti says he expects the municipality will preserve it as open space. Nolletti, along with Steve Witten and Edward Jordan, also with Marcus & Millichap’s New Haven, CT office, worked with Andrew Jordan and Demosthenes Mekras of the firm’s Miami office, to represent the seller. Nolletti, Witten and Jordan also secured the buyer.

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