Also part of the 1031 exchange are the soon to-be-completed sales of the Chase at Overlook Ridge and the Alterra at Overlook Ridge in Boston. The sale of the Overlook Ridge properties to Rockpoint Group, LLC of Boston for approximately $411.5 million is expected to close by the end of this month.
The firm buys a property with three single-story distribution warehouse buildings, totaling 150,245 square feet.
The outline of the preliminary community plan includes 360 residential units in a mix of affordable and market rate, 800,000 square feet of commercial and office space, and a multi-modal transit plaza.
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