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JLL Arranges $48M Sale of Somerville Development Site
JLL has arranged the $48 million sale of two contiguous development sites in the Boston community of Somerville.
The properties consist of a one-acre development site and the leasehold interest in a 252-space parking garage. Both sites are located within a Qualified Opportunity Zone. The site comprises blocks at 64 and 68 Webster Ave.; 495, 497, 513 and 517 Columbia St. and 6 Beach Ave. The five-story parking garage is at 481 Columbia. The transit-oriented location is steps from the future Union Square MBTA Green Line station and is at the entrance to the Boynton Yards mixed-use development. The buyer plans to develop the site into a state-of-the-art life science building.
Matthew Sherry and Michael Restivo of JLL marketed the property on behalf of several private sellers for the land and a private owner on the leasehold interest. Both assets were purchased by Normandy Opportunity Zone Fund, LP, a fund advised by Columbia Real Estate Management (CREM).
For comments, questions or concerns, please contact David Cohen
- ◦Development
