12-14 Pine Street
Update
12/15/21
Swampscott Redevelopment Opportunity Trades Hands for $1.5 Million
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 12-24 Pine St, a multifamily redevelopment property located in Swampscott, MA, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $1,593,000.
The site, featuring 15,000 SF of land, is approved for a residential redevelopment of the existing industrial building. John Craig comments, “The sale of 12-24 Pine Street to Broadway Capital is an excellent example of a win-win-win transaction. The building was under-utilized in its current condition, and it will be developed by a highly competent, community-sensitive company into beautiful, much needed apartments benefiting the immediate neighborhood as well as the Swampscott and Lynn communities.”
Luigi Lessa adds, “The site received immediate interest from North Shore multifamily developers given the property’s proximity to the Swampscott Commuter Rail station and Kings Beach. The property ultimately sold to the most qualified buyer who has years of experience successfully developing apartment buildings in the North Shore. We are excited to see Broadway Capital turn this former car dealership into a state-of-the-art mixed-use building.”
Photo: Marcus & Millichap
