BOSTON– Colliers International Boston announced that the former Newbury College campus has officially sold for $34 million to Welltower, a real estate investment trust primarily investing in senior housing, assisted living, memory care, post-acute care, and medical office type projects.
The 7.8-acre campus was offered for sale in February of 2019, branded as The Common at Fisher Hill, and experienced widespread interest from a variety of local, regional, and international investors.
Colliers International’s multi-disciplinary team of Senior Vice President Christopher Sower of the Capital Markets group, Vice Chair James Elcock, Co-Chair Tom Hynes, and Senior Vice President Bob Cronin led a competitive sales process to identify qualified buyers interested in pursuing the multitude of redevelopment options. The unique campus opportunity presented 142,000 GSF across 8 existing structures in one of greater Boston’s most affluent and desirable peripheral communities: Brookline, Massachusetts.
“We enjoyed working side-by-side with Newbury College in vetting potential buyers of the campus and ultimately deciding on the one whose intentions best aligned with the College’s goals,” noted Sower. “While it is always unfortunate to witness the closure of such an esteemed academic institution,” added Elcock, “we appreciate the opportunity it has created for Brookline to embrace a new type of use that will serve the community.”