CBRE announced that it has arranged the sale of The Residences at Munroe Place, a 111-unit apartment community with ground floor retail located at 1205 Hancock Street in Quincy, Massachusetts.
CBRE Capital Markets’ multihousing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, 1205 Hancock Street, LLC, an entity controlled by Structure Tone Equities, LLC and procured the buyer, a joint venture between John M. Corcoran and Company and an institutional investor.
Completed in 2003, Munroe Place is comprised of a single, eight-story apartment building with 10,101 square feet of street-level retail over a two-level below grade garage. The community offers a leasing center with a resident lounge and fitness center, along with garage parking. Retail tenants include Starbucks, JPMorgan Chase, T-Mobile, and Miam Miam Macaronerie.
The community is a true transit-oriented property located adjacent to the Quincy Center T station, offering easy access to both downtown Boston and Cambridge. Furthermore, it is exceptionally walkable with numerous dining options and retail amenities close by.
“We are pleased to have represented the seller in their sale of Munroe Place. This marked the successful conclusion of their investment strategy,” stated Butler.
“Munroe Place offers John M Corcoran and Company the ability to generate strong long-term returns given its outstanding location with the ability to add value through a renovation program,” added St. John.
Richard Robinson, of John M. Corcoran and Company, announced “We are excited to add Monroe Place to our portfolio of Quincy assets that includes Faxon Commons and Quincy Commons.”
