According to Tim Thompson, regional manager of the Boston office of Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, the company has completed two sales for a combined $2.28 million.
The first property was 2 Granite St., a seven-unit apartment property located in Malden, which sold for $650,000. The second was 46-50 Blue Hill Ave., a nine-unit mixed-use building located in the Roxbury section of Boston, for $1.63 million.
Evan Griffith, a senior associate in Marcus & Millichap’s Boston office, had the exclusive listing to market the properties on behalf of the sellers who are private investors. The buyers, also private investors, were procured by Griffith.
“Roxbury continues to be one of the hottest submarkets poised for redevelopment and strong rental growth,” said Griffith. “We are seeing more and more developers realize the upside and long-term value of the once overlooked neighborhoods. The activity levels were tremendous on both properties given the lack of deliverable product available in the marketplace. This, combined with the extremely favorable lending environment, enabled us to deliver clean non-contingent offers on these properties.”
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.