February 9, 2022 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a mixed-use property in Somerville, Massachusetts. Horvath & Tremblay exclusively represented the seller to complete the transaction at a price of $3,100,000.
The mixed-use property is located at 126 Pearl Street and 76 Cross Street in Somerville, Massachusetts. The property contains a three-story building with four retails units and three residential units, all within 13,131 square feet of total gross area on a 0.18-acre parcel. The residential units on the second and third floors consist of three (3), 2-Bedroom/1-Bathroom units in 7,629 square feet of gross living area. The retail units have entrances at street-level and each unit has its own storage space in the basement. The three residential units were gut renovated, with units featuring stainless steel appliances, in-unit laundry, and HVAC. All four retail units were completely renovated with brand new HVAC units. Two of the units have been rented with 5-year leases, and two units will be delivered as a shell. Windows have been replaced through the entire building and the exterior retail façade was replaced. The property is located in East Somerville, in the path of the future Green Line Extension less than a mile from the popular shopping, dining, fitness and entertainment options at Assembly Row and just one mile from the MBTA’s Sullivan Square Station. The highly-walkable neighborhood offers a multitude of appealing live-work-play amenities, convenient public transportation and highway access, as well as proximity to the nearby commercial centers of Harvard Square, Kendall Square and Downtown Boston.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.