A team from CBRE, led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler successfully closed the sale of The Commons at Southfield in Weymouth, MA. Developed by John M Corcoran & Company (JMC), the two-phase apartment community consists of 298 units.
CBRE represented JMC as the seller and also secured a buyer for the property – a fund advised by Blackrock Realty Advisors. According to reports, the sale price was $103.1 million.
The development was completed in two phases – 226 units in 2012 and an additional 72 units in 2014. It is located within Union Point, a large master planned development.
Peter Mahoney, EVP for JMC stated that they were one of the first developers to break ground at Union Point and their investment has proven successful over time. This recent sale marks a positive outcome for both JMC and their partners.
