Quincy Developer Buys Bank Branches In Somerville, East Boston


40 Union Square, Somerville

40 Union Square, Somerville

Quincy-based Grossman Cos. Inc. has acquired two properties in East Boston and Somerville that are leased to Citizens Bank branches.

Grossman paid $1.75 million for 26 Central Square in East Boston, which contains a 3,812-square-foot Citizens branch, and 40 Union Square in Somerville, home to a 5,438-square-foot branch, for $4.25 million.

Marc Mandel, first vice president at CBRE, represented the seller. Brookline Bank’s James Burns and Henri Soucy arranged financing.

“Both buildings are in ‘A+’ locations, and are ideal additions to our ‘Main Street’ portfolio, which includes long-time family-owned assets in Newton, Wellesley, Brookline and Hingham,” Co-President Jake Grossman said in a statement.

Grossman Cos.’ holdings in East Boston include a 140-unit multifamily portfolio that it purchased and renovated in a joint venture with Alex Hodara and a pair of freight terminals on Route 1A near Logan International Airport.

Grossman’s private lending affiliate, First Boston Capital Partners, has provided over $25 million in acquisition and construction financing to builders in Somerville since 2011.



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Quincy Developer Buys Bank Branches In Somerville, East Boston

by Steve Adams time to read: 1 min
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