HFF closes sale of hotel development site in Burlington, Massachusetts
BOSTON, MA – August 15, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a hotel development site within the 3rd Ave development in the northern Boston suburb of Burlington, Massachusetts.
HFF marketed the property on behalf of the seller, Nordblom Company.
The development site is located on a “gateway” parcel within 3rd Ave, an urban, retail-walking street lined with restaurants, cafes, retail boutiques and other service amenities connected via pedestrian walkways and public green space. This was a strategic sale for 3rd Ave as it will bring a 147-room boutique hotel under the Archer brand that will be positioned as the highest quality hotel in the Burlington lodging market. The Archer brand is a new collection of boutique hotels that evokes the creative soul of its location with quirky, curated luxuries and a sincere staff dedicated to service. The Archer’s location within Burlington’s office corridor will provide steady demand from business travelers and its proximity to Interstate 93/Route 128, about 12 miles northwest of Boston, will draw in tourists seeking a unique boutique hotel experience.
The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.
About Nordblom Company
Nordblom Company is a real estate enterprise with a 90-year history of investing, managing and developing properties throughout the New England region and select markets across the country. The company currently owns office, commercial and multi-family properties in the New England and Carolina markets and is committed to creating dynamic work and living environments that further the quality of life for the people who occupy its properties. Headquartered in Burlington, Massachusetts with offices in Boston, Brookline, and Raleigh, North Carolina, Nordblom Company has $1.2 billion in assets under management.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.