(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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.