ABG’s Bernard Gibbons Represents Seller, Procures Buyer in Development Deal
Somerville, MA, November 19, 2018 – DLJ Real Estate Capital Partners, in a joint venture with Leggat McCall Properties (LMP), has acquired a 3.4 acre office/industrial site from construction management firm J.J. Vaccaro for the sum of $13.5 million. The deal for the parcel, located at 111-153 South St. and comprised of several office/flex buildings and parking lots, was brokered by Bernard Gibbons of the Cambridge-based Associated Brokerage Group (ABG), who represented the seller and procured the buyer. The site is fully permitted for development and DLJ and LMP are planning to construct commercial/mixed-use space on the property.
Located adjacent to vibrant Union Square and within a mile of life science and technology hub Kendall Square, the site is part of the larger Boynton Yards redevelopment project that City of Somerville envisions as a vibrant, mixed-use district comprised of lab, office, multifamily, neighborhood retail, and community arts space. Boynton Yards is a largely industrial neighborhood located southeast of Union Square between the Fitchburg Railroad tracks and the Somerville/Cambridge border. The neighborhood is expected to reap dividends from the new Green Line station scheduled to open in Union Square in 2021.
“Development sites in transit-oriented locations in the inner suburbs of Boston and Cambridge are at a premium right now,” said Gibbons. “With the success of Kendall Square and the in-migration of tech and life science tenants into both the Boston and Cambridge markets, Somerville is poised to be a viable alternative for companies in the knowledge industries seeking well-amenitized space at a more reasonable price point.”
About DLJ Real Estate Capital Partners: DLJ Real Estate Capital Partners is an independent, vertically-integrated real estate investment management firm targeting investment and development opportunities in the dynamic neighborhoods of major US cities. DLJ RECP was founded in 1995 and has offices in New York, Boston, Los Angeles, and Hong Kong. To date, the company has executed over 200 real estate investments with a total transaction value of over $16 billion, representing over $4.5 billion in invested capital. For additional information, go to: http://dljrecp.com/
About LMP: Founded in 1965, Leggat McCall Properties is a leading real estate owner, developer and service provider to corporate, educational, healthcare and other clients in the Greater Boston Area. Over the past 10 years, LMP has had a leadership role in over 42 million square feet of project development, representing more than $10 billion of investment. The company has executed on 15 projects over $200 million, 50 over $50 million, and has also developed or acquired approximately $3 billion in assets as principals, including research and life science, mixed-use, office, and residential properties. For additional information, go to: https://www.lmp.com/
About Associated Brokerage Group: ABG is a locally owned commercial real estate brokerage firm, specializing in the sale and leasing of office, retail, industrial and other unique commercial properties throughout Greater Boston and Eastern Massachusetts. ABG distinguishes itself from larger conglomerates, as well as from other brokerage houses, by its “boutique-style” structure, which allows for a more personalized and creative client focus. Our approach relies more on practical market knowledge and experience, and our representatives approach each client with tailored marketing solutions and – above all – a personal commitment to fully service our accounts.