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A Boston-based real estate investor acquired a Somerville industrial park located in a neighborhood that’s attracted large-scale development proposals in recent years.

A realty trust managed by Steven Goodman, CEO of Boston-based GFI Partners paid $10.15 million for the 22 Kent St. property, according to a Middlesex County deed. Country Bank for Savings provided a $8.3 million mortgage.

The seller was Tyr Realty Trust, owner of the property since 1995. The nearly 1-acre parcel includes a 33,021 square-foot industrial and retail building.

GFI Partners owns over 20 million square feet of commercial properties nationwide, and acquired the former Grafton State Hospital property last year for a 200,000 square-foot development.

The Somerville property is located just north of a district where Somerville officials have been studying a rezoning plan designed to prevent displacement of arts and cultural tenants while permitting redevelopment of industrial properties. The study was prompted by the proposed redevelopment of the nearby Ames business park by Rafi Properties.

Boston Developer Buys Somerville Industrial Park

by Steve Adams time to read: 1 min
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