Hong Kong developer acquires 4.7-acre Savin Hill property for $17 million

Morningside Group, a real estate development company led by Hong Kong billionaire investor Gerald Chan, has acquired the 4.7-acre Spire Printing Company property in Dorchester’s Savin Hill neighborhood, located adjacent to the MBTA Red Line station, for $17 million. The property, located at 65 Bay Street, is comprised primarily of surface parking and landscaping, with a two-story, 78,000-square-foot industrial building located on site. The sale amounts to $3,617,021.28 per acre of land, and $217.95 per building square foot.

Spire acquired 65 Bay Street in November 2013 for $7.1 million, amounting to $1,510,638.30 per acre and $91.03 per building square foot. Chan acquired the 2-acre property at 1200 Dorchester Avenue, located a short walk from the Spire property, for $5.25 million in May 2015. Three buildings totaling 56,224 square feet stand at 1200 Dorchester Avenue; the 2015 sale amounts to $2.625 million per acre of land and $93.38 per building square foot.

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