On The Dot
Ad Meloria and Core Investments expand Andrew Square development site
Developer Core Investments has acquired 2.75 acres of developable land along Dorchester Avenue and Alger Street in Andrew Square for $13.1 million. A building on that property has a tenant with a long-term lease. The acquired land is located adjacent to a 6.4-acre site, 511 Dorchester Avenue, that Core Investments and Ad Meloria acquired for $13.375 million in April 2014 and is a parcel away from a 4.5-acre parcel, 371-385 Dorchester Avenue, that Core Investments acquired for $16 million in July 2015. Ad Meloria and Core Investments intend to develop the parcels for commercial use. Core Investments has also closed on $26.19 million of new financing for the parcels through Delphi Financial Group of Wilmington, Delaware.