CBRE/New England Facilitates Sale of 95 Border Street, East Boston, MA for $1.6M
Tuesday, June 10, 2014
CBRE/New England Contact:
CBRE/New England Facilitates Sale of
95 Border Street, East Boston, MA for $1.6M
23,000 industrial building to be transformed into residential community
BOSTON (June 10, 2014) — CBRE/New England announces the sale of 95 Border Street, a 23,000 square foot industrial building located on 1.32 acres in East Boston, Massachusetts. Sisson Realty Trust sold the property to Neighborhood of Affordable Housing (NOAH) for $1.6 million.
CBRE/New England’s Mark Reardon, Executive Vice President/Partner, David Corkery, First Vice President, and Jake Borden, Vice President, represented the seller.
“We are pleased to have facilitated this transaction on behalf of Sisson Realty Trust,” noted CBRE/NE’s Corkery. “NOAH’s redevelopment plans for the site will completely revitalize East Boston’s Maverick/Central triangle by creating a new urban neighborhood.”
95 Border Street was previously an industrial site on the East Boston waterfront. The building was used as an office/industrial facility to assemble and manufacture iron products. The existing building consists of approximately ±23,000 square feet of space and the site has waterfront views.
NOAH plans to redevelop the site into Coppersmith Village, a new transit-oriented residential community accommodating the diverse range of neighborhood needs in East Boston. The project will take three years to finance and build. According to the NOAH website, “The proposed project is comprised of 56 rental apartments along Border Street with 3,000 square feet of ground floor retail space, planned for restaurant use. On the Liverpool Street frontage there will be 15 townhomes for sale using a three-story format that ties into the typical triple-decker of East Boston. The housing at Coppersmith Village will be a mix of affordable and market rate units, both rental and ownership.”
With the planned water taxi as well as being within walking distance to the MBTA Maverick Station on the Blue Line, the site will have quick and easy access to downtown Boston, Government Center and the Financial District. The Financial District is comprised of approximately 28 million square feet of office space and an enormous supply of high-paying jobs. East Boston is an up-and-coming neighborhood with great dining options and convenient access to Logan International Airport as well as LoPresti Park and the East Boston Harborwalk.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.