Press Releases
Griffith Pepdjonovic Group of Marcus & Millichap Arranges the $4.275 Million Sale of an East Boston Mixed-Use Building Portfolio
May 30, 2023
BOSTON, May 30, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of four mixed-use buildings in Boston. The portfolio traded for $4.275 million, which included a seven days a week 2 a.m. liquor license.
"East Boston has experienced some of the highest year-over-year growths in rents and property values in the last decade,” said Evan Griffith, senior vice president investments.
Griffith and Tony Pepdjonovic, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, a Massachusetts-based limited liability company.
The assets, 336-344 Bennington St. and 397A-401 Chelsea St. are all three-story buildings comprised of one restaurant and 11 apartment units above. The buildings were constructed in the early 1900s on lots ranging from 0.03 to 0.05 acres.
East Boston has become home to young professionals seeking residence in Boston. The neighborhood is close to Interstate-90, Boston Logan International Airport, and has several Blue Line stations offering residents quick access into Boston through the nearby Ted William Tunnel.
“This is the first time this property has traded in over 100 years. The four-building portfolio presents a tremendous value-add opportunity in an area experiencing large-scale development," said Tony Pepdjonovic, senior vice president investments.
"East Boston has experienced some of the highest year-over-year growths in rents and property values in the last decade,” said Evan Griffith, senior vice president investments.
Griffith and Tony Pepdjonovic, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, a Massachusetts-based limited liability company.
The assets, 336-344 Bennington St. and 397A-401 Chelsea St. are all three-story buildings comprised of one restaurant and 11 apartment units above. The buildings were constructed in the early 1900s on lots ranging from 0.03 to 0.05 acres.
East Boston has become home to young professionals seeking residence in Boston. The neighborhood is close to Interstate-90, Boston Logan International Airport, and has several Blue Line stations offering residents quick access into Boston through the nearby Ted William Tunnel.
“This is the first time this property has traded in over 100 years. The four-building portfolio presents a tremendous value-add opportunity in an area experiencing large-scale development," said Tony Pepdjonovic, senior vice president investments.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
