News: Front Section
Posted: February 16, 2018
Griffith and Pepdjonovic of Marcus & Millichap handle $5.375m sale
Quincy, MA Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, completed the sale of 81 Pond St., a 24-unit apartment property. The asset sold for $5.375 million.
Evan Griffith, first vice president investments, and Tony Pepdjonovic, senior associate, in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, a limited liability company.
“The Quincy multifamily market continues to thrive as the city undergoes one of the largest revitalization efforts anywhere in Massachusetts. The $1.6 billion redevelopment spans roughly 50 acres and offers a vibrant mix of housing, commercial space, and retail,” said Pepdjonovic.
81 Pond St., constructed in 1970, is comprised of 12 one-bedroom units, 11 two-bedroom units, and 1 studio apartment. The units and common areas had been regularly updated during the course of the seller’s ownership. The building also features coin-operated laundry machines for the tenants and ample off-street parking.
“Quincy is one of the most commuter-friendly cities in the Greater Boston Area with four MBTA Red Line Stations, a Commuter Rail Station, and an expansive public bus system,” said Griffith. “According to a recent study by the Boston Redevelopment Authority, Quincy has the highest number of daily commuters into Boston (18,400+), followed by Cambridge, Brookline, Somerville, and Newton” he said.
The capitalization rate at the time of sale was 4.6%.
With over 1,700 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 9,000 transactions in 2016 with a value of $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, technology and relationships with the largest pool of qualified investors.
Tags:
Front Section
MORE FROM Front Section
Front Section
McEvoy of The Conrad Group brokers $2.9 million sale of industrial building
Hingham, MA The Conrad Group has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
Columns and Thought Leadership
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
It’s time to get creative with closed college campuses - by Christian Koulichkov
Facing higher costs, shrinking enrollments, reduced state funding and severe demographic headwinds, many colleges and universities in New England and the Northeast are fighting for survival. The latest to lose the battle is the 150 + year old University of the Arts in
The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty
As healthcare facilities, often referred to as “Doc in a Box” clinics, increasingly move into traditional retail spaces, landlords are more frequently leasing to medical tenants. Unlike standard retail or office leases, medical facilities come with a unique set of considerations that must be carefully addressed to ensure a successful tenancy.