News: Front Section
Posted: June 4, 2015
Burgess Properties Inc. brokers $1.2 million sale of 245 Sumner Street to Velkor 245 Nominee Trust
Burgess Properties Inc., one of Greater Boston's premier commercial brokerage firms, has brokered the $1.2 million sale of 245 Sumner St. to Velkor 245 Nominee Trust.
The 16,000 s/f lot and warehouse on it was the former long-term home of cheese importer and distributor Crystal Food Imports which relocated to Somerville several years ago.
Following a lengthy permitting and approval process, the original plans were scaled back in response to input and concerns from a variety of local citizens' groups and city officials.
Ultimately what was approved is a residential project consisting of a total of 34-units (11, 3-bedroom and 23, 2-bedroom in total. Five of those units will be affordable) along with 2,000 s/f of retail space and 34 parking spaces.
Phil Burgess of Burgess Properties, who brokered the transaction, said, "This was an ideal location for a redevelopment project of this type. Of all the new residential projects in East Boston, 245 Sumner St. is by far the closest to public transportation. It is located 100 yards from the Maverick Sq. Blue Line Station."
Founded in 1997, Burgess Properties is one of Greater Boston's premier suburban full-service commercial brokerage firms specializing in the sale and leasing of office, industrial and other commercial properties.
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