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A new group of investors has closed on a South Boston commercial property that could become part of a larger Dorchester Avenue redevelopment.

Boston-based HYM Investment Group acquired a property for $25 million from National Development to assemble what is now a 7-acre site at the corner of Dorchester Avenue and Old Colony Avenue according to a deed filed in the Suffolk registry.

The Boston Business Journal first reported the sale, adding that the team plans to propose a mix of housing, retail and life science on the site.

HYM is partnering with Extell Development of New York and general contractor J.T. Magen & Co. Inc.

The Dec. 28 transaction includes 72 Old Colony Ave. and 370 Dorchester Ave., which include a car wash and Dunkin’ Donuts commissary along with a self-storage facility.

HYM said it plans to begin community outreach in the coming months.

“We see great potential in this area of South Boston. Through our partnership with Extell Development and J.T. Magen & Co. Inc., we look forward to bringing a new mix of uses along Dorchester Avenue,” HYM said in a statement.

National Development received approval for its 1.1 million-square-foot Iron Works project on a nearby section of the Dorchester Avenue corridor in 2021 . The Boston Planning & Development Agency approved Boston-based Core Investments’ 3.8 million-square-foot On the Dot project just north of the MBTA’s Andrew station last year.

Editor’s note: This report has been updated with a statement from HYM.

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by Steve Adams time to read: 1 min