Malden developer sells 1.176-acre Malden Center post office to Corcoran Jennison for $4.3 million, nearly double 2016 acquisition price
Corcoran Jennison, who recently completed the 84-unit Residences @ Malden Station apartment development in Malden Center and is currently building the 69-unit Residences @ Malden Station 138 apartments, has acquired the 1.176-acre Malden Center post office property, located at 107 Mountain Road, for $4.3 million. A 17,933-square-foot building home to the post office stands on the parcel; Corcoran’s acquisition amounts to $3,656,462.59 per acre and $239.78 per building square foot. Berkshire Bank provided Corcoran with $3.01 million of mortgage financing for the acquisition.
Seller Burgess Properties of Malden acquired the property in May 2016 for $2.3 million, amounting to $1,955,782.31 per acre and $128.26 per building square foot, selling the property for nearly double the acquisition price and reaping a $2 million return in just over one year. The Malden Center post office site is located steps from Jefferson at Malden Center, an under-construction $120 million mixed-use development that will revitalize Malden Center and replace the city's former government center with three new buildings.
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