Holliday Fenoglio Fowler, L.P. (HFF) is marketing a 0.40-acre site for sale located at 352 McGrath Highway in the heart of Somerville, an inner Boston suburb.
Having quickly become a magnet for real estate development due to its proximity to Boston and Cambridge, Somerville has emerged as a premier investment opportunity in the country. With the opening of the green line extension and proximity to numerous institutional developments, the site is strategically positioned to benefit from the increased development and influx of new consumers to the area.
- Superior Location with Redevelopment Potential: In 2012, the city of Somerville adopted its first ever city-wide comprehensive master plan dubbed “SomerVision.” The plan outlines an actionable policy agenda to invite and leverage public and private investment in transit-oriented development, while preserving Somerville’s identity as an accessible, multi-cultural city. The plan targets three key neighborhoods: Assembly Row, Boynton Yards and Union Square. Under the new SomerVision plan, 352 McGrath will be zoned MR5, allowing for five-story development, therefore, making it perfectly positioned for redevelopment.
- Green Line Extension Powering SomerVision: The MBTA’s Green Line Extension (“GLX”) plan is underway, and the initiative will extend the Green Line to Somerville and Medford from the Lechmere Station in Cambridge. The GLX project will improve mobility, boost transit ridership, improve regional air quality, ensure equitable distribution of transit services and support “smart-growth” opportunities and sustainable development in one of New England’s densest areas. The new East Somerville station is located .2 miles from 352 McGrath.
- At the Center of it All: In addition to its strong location adjacent the new Green Line stop, 352 McGrath benefits from proximity to numerous institutional developments including Boynton Yards, USQ and Assembly Row. Further, it is located at the retail epicenter of Somerville in Union Square near some of the neighborhood’s hottest restaurants, bars and eateries.
To learn more about this development site for sale in the Boston MSA or other commercial real estate listings in the Northeast, please contact Mike Restivo or Kellie Coveney in HFF’s Boston office. To view HFF’s current real estate investment sales listings, please click here.