JLL Arranges $48M Sale of Somerville Advancement Website

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JLL has actually set up the $48 million sale of 2 contiguous advancement sites in the Boston area of Somerville.

The residential properties contain a one-acre advancement website and the leasehold passion in a 252-space parking garage. Both websites are situated within a Certified Possibility Zone. The site makes up blocks at 64 and also 68 Webster Ave.; 495, 497, 513 as well as 517 Columbia St. as well as 6 Beach Ave. The five-story parking lot goes to 481 Columbia. The transit-oriented location is actions from the future Union Square MBTA Green Line terminal and also goes to the entry to the Boynton Yards mixed-use development. The customer prepares to develop the website into an advanced life scientific research structure.

Matthew Sherry and Michael Restivo of JLL marketed the residential or commercial property in support of several private vendors for the land and also a private owner on the leasehold interest. Both possessions were purchased by Normandy Possibility Area Fund, LP, a fund advised by Columbia Real Estate Administration (CREM).

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