Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 2.21-acre transit-oriented development site in Canton, Massachusetts, for $4.6 million.
“This was the perfect example of why the zoning overlay was put in place, as the underutilized commercial property will be razed to make way for 49 condominium residences in a town that needs new housing inventory,” said Tony Pepdjonovic, senior managing director. “The process was very efficient, as it took less than 11 months from the offer acceptance to full town approvals from the Canton Zoning Board,” said Evan Griffith, senior managing director. Griffith and Pepdjonovic represented the seller and procured the buyer.
The site includes 21,147 square feet of commercial space and 225 feet of frontage along Neponset Street. It is located within the Canton Junction Overlay District and the 3A MBTA zoning overlay, allowing multifamily redevelopment of up to four stories as of right. The property is 0.25 miles from Canton Junction Station, which provides direct commuter rail access to Boston.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
