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Newly Constructed Mixed-Use Community in Somerville Closes for $16M
Cushman & Wakefield has arranged the sale of 400 Mystic Avenue, a newly constructed 30-unit mixed-use apartment community located in Somerville, MA. The sale price was $15.9 million.
A Cushman & Wakefield team of John Flaherty, Chris Sower, Jon Bryant, Bruce Lusa, Kevin Jones, Mary VanNatta and Julie Regan represented the seller, Cedarwood Development. Westview Partners acquired the asset.
“400 Mystic Avenue offered investors the opportunity to acquire a mixed-use, new construction building that is nearly fully leased,” said Flaherty. “We saw significant interest in this asset, primarily because of the close to 2,000,000 square feet of upcoming life science developments that surround the property and its strategic location across the street from Assembly Row.”
400 Mystic Avenue is comprised of 27 residential apartment units that are 95% occupied and three ground floor retail commercial spaces that are fully leased.
The property is surrounded by multiple ongoing and upcoming developments such as Assembly Row, Encore Boston Resort and Casino, Cambridge Crossing, Hood Park and the Green Line Extension.
- ◦Sale/Acquisition
