(To read more on the multifamily market, click here.)

CHELSEA, MA-The $4.5-million sale of a Chelsea building took a twist when the seller and buyer decided to team up to develop the mixed-use property. They will convert its existing offices to residential units.

Boston’s Synergy Capital acquired the site, which features 16 residential units, 12 retail shops comprising about 10,000 sf and second floor office space along with an 11,000-sf garage. RCG LLC of Somerville was the seller.

“This was an interesting deal,” Carl Christie, with NAI Hunneman’s Boston office says of the three-story, 30,000-sf building at 361 Broadway. “When we presented the seller with an offer near the asking price, the seller and the eventual buyer decided to become partners and jointly develop the property with plans for a substantial rehab of the residential and office portion of the building.” Neither could be reached by GlobeSt.com for comment. Christie along with Bob Tito, also with NAI Hunneman, represented the seller and procured the buyer.

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