A team from CBRE, led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler, successfully facilitated the sale of Baker Chocolate Factory in Boston’s Dorchester Lower Mills neighborhood. The 133-unit apartment community was sold for a reported $41 million.
CBRE represented the seller Chartwell Chocolate Factory LLC – a partnership operated by Makor Capital LLC – and also secured the buyer: an affiliate of Wingate Multifamily LLC. Originally built as a chocolate factory in the late 19th century, it was converted into apartments in the 1980s and renovated in 2008.
Butler stated that they were pleased to represent Chartwell Chocolate Factory LLC once again after selling it to them back in 2017. He believes that Wingate is well-equipped to execute their business plan for this unique property due its location and limited housing supply which will generate long-term returns.
