X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-A real estate investment firm flush with cash from Ireland has made another substantial purchase here, as Synergy Financial LLC paid $34 million for 25-35 Morrissey Blvd. in the city’s Dorchester district. The mixed-use complex includes a 62,000-sf supermarket and a 42,000-sf office building.

“It’s an area that is really up and coming,” Synergy VP Dee Minnock tells GlobeSt.com in deciphering her company’s interest. Besides proximity next to the Red Line subway, the University of Massachusetts, and the John F. Kennedy Presidential Library, 25-35 Morrissey Blvd. is in a section of Dorchester that could benefit from the pending repositioning of the Bayside Exposition Center. While that was not a factor in Synergy’s interest, given that the $1-billion overhaul was just unmasked this week, Minnock says the project should only enhance the presence of 25-35 Morrissey Blvd. “We do think that will be a great help, yes,” she says.

Even so, the real driver–literally–in the sale was Synergy founder David Greaney, who commutes from Dorchester past 25-35 Morrissey Blvd. to the firm’s North Station headquarters, explains Minnock. When approached by brokers at CBRE/New England with the opportunity to buy the complex, Synergy’s chief was already sold on the property, Minnock says. Other attractions, she says, are strong in-place income generated from property leasing and two billboards, plus development potential for 2.1 acres. No concepts are in place on that, she reports, but says that Synergy “looks forward to working with the various constituents to ensure that a well-thought-out development plan is implemented.”

The office building is occupied by Great Media Inc. The seller of 25-35 Morrissey Blvd., Pappas Enterprises, is a well-known developer with decades of experience in Dorchester and South Boston. CBRE/New England negotiated the sale on behalf of Pappas and procured the buyer, with brokers said to include Christopher Angelone, William Moylan and Gary Lemire.

Synergy Financial has been an active player in Boston since 2004 after Greaney left his leadership position at a similar company, the Mayo Group. That company has also pursued small- and medium-sized real estate opportunities in eastern Massachusetts, with Mayo even selling Synergy Financial one of its first properties secured in the city, 211 Congress St. According to Synergy’s website, nearly every one of the deals completed to date has some level of financial commitment from Irish sources.

During its tenure, Synergy has purchased more than $150 million of commercial real estate in Greater Boston, controlling and managing some 500,000 sf of space. Besides its own headquarters at 141 Portland St., Synergy also owns 101-115 Broad St., 26 West St. and 43 Winter St., all in Boston, as well as a 32-unit apartment building and 1.9-acre residential development site in Chelsea. In January, Synergy acquired 10 Fawcett St. in Cambridge, a 130,000-sf office building in the city’s Alewife submarket.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.