Colliers Markets Mixed-Use Property in Boston Suburb
- Nov 22, 2016
By Bogdan Odagescu, Associate Editor
Boston—Colliers International has been chosen as exclusive listing agent for Chestnut Green, a mixed-use property located in Foxborough, Mass. The development includes 107,222 square feet of office space, 40,365 square feet of open air retail space and 55 multifamily units.
According to Colliers, the campus can be sold either as a portfolio package or as individual assets. Chestnut Green is currently owned by Boston-based VinCo Properties. The marketing efforts will be spearheaded by Colliers’ Scott Dragos, Doug Jacoby and Chris Sower.
Located at 16 and 28 Chestnut St. and developed in 2008-2009, the three-building campus is situated just one mile south of Patriot Place and Gillette Stadium. Sitting between the Boston-Providence Highway and Interstate 95, the mixed-use property is within a short walking distance from The Shops at Chestnut Green and a Super Stop & Shop.
The campus is situated immediately next to 40 acres of town-owned playing fields, which include three football/soccer fields, one baseball/soccer field, one softball field, one tennis court, four basketball courts, a playground, as well as running and walking trails.
According to Yardi Matrix data, multifamily units at Chestnut Green offer floor plans ranging between 727 and 2,305 square feet, with an average monthly rent of $1,955. The community offers 65 grade level parking spots, a fitness center, a tennis court and a clubhouse, as well as washer/driers and fireplaces in all units.
“Chestnut Green offers a tremendous opportunity for a buyer to create additional value. While it already has solid in-place net operating income, enforcing market rents and filling some existing vacancy can generate significant upside to a buyer,” said Dragos in prepared remarks.
Image courtesy of chestnut-green.com