Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Chelsea Place, a LEED Silver, transit-oriented apartment community located just outside of Boston in Chelsea, Massachusetts.
The HFF team represented the seller, Federal Realty Investment Trust, and procured the buyer, John M. Corcoran & Co.
Completed in 2013, Chelsea Place offers units averaging 909 square feet each and featuring top-of-the-line finishes such as stainless steel appliances, walk-in closets, central AC and en-suite laundry. The 98-percent-leased property has unmatched community amenities epitomizing the very best of urban living, including a resident lounge and coffee bar, a unique urban outdoor lounge, fitness center and garage parking. Chelsea Place is situated adjacent to Chelsea Commons, a premier community shopping center and close to the FBI New England headquarters and the The ENCORE Boston Harbor, a world-class entertainment destination scheduled to open in June 2019. Additionally, the transit-oriented property offers easy access to downtown Boston in approximately 20 minutes via the MBTA at Beachmont and Chelsea Stations or vehicular access via Route 1.
The HFF investment advisory team representing the seller consisted of director Adam Dunn and managing director Chris Phaneuf.
About Federal Realty Investment Trust
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty’s mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 105 properties include approximately 3,000 tenants, in approximately 24 million square feet, and over 2,600 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 51 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.
About John M. Corcoran & Co.
John M. Corcoran & Co. is an award-winning and well-respected management company based in Braintree, Massachusetts. The firm offers clients a myriad of services, including acquisitions, affordable housing management, asset management, capital expenditures, development, IT solutions, maintenance operations, marketing and leasing, resident programs and education, and sustainable construction and management.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
