News: Front Section
Posted: May 31, 2019
Horvath & Tremblay’s Kelleher and Pentore broker $12m sale on behalf of the seller, 8 Broadway LLC, and buyer, Lacourt Enterprises LLC
Somerville, MA Dennis Kelleher and John Pentore of Horvath & Tremblay have completed the sale of the Broadway Residences located at 2-8 Broadway. The 24-unit, new construction, mixed-use asset traded for $12 million at a 4.9% cap rate. Kelleher and Pentore exclusively represented the seller, 8 Broadway LLC, an affiliate of City Realty Group LLC (CRG) and buyer, Lacourt Enterprises LLC.
The Broadway Residences, situated in an urban infill location, is near the East Somerville neighborhood close to the MBTA’s Sullivan Sq. Station and within walking distance to shopping, dining, fitness and entertainment options at Assembly Row. The subject property is comprised of a new, five-story apartment building and three adjacent buildings that were gut-renovated in 2015 as part of the development. The Broadway Residences are located on one tax parcel and contains a total of 19 residential units, five street-level retail suites and new, on-site garage parking for tenants. The Broadway location also provides access to Rte. 28 and Rte. 99 as well I-93. Coinciding with the development of the nearby Encore Boston Harbor Resort & Casino are both short-term and long-term improvements to remake the Sullivan Sq. traffic circle, which serves seven roads and sees more than 100,000 vehicles passing through each day.
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