BOSTON– Marcus & Millichap (NYSE: MMI), announced the sale of a 2.21-acre transit-oriented development site in Canton, Massachusetts, for $4.6 million. The property includes three contiguous parcels at 399 and 403 Neponset St. and 0 Jackson St.
“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.
