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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).

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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