According to the real estate website Build Up, a Quincy-based LLC has acquired 571 E First Street in South Boston for $23,500,000. This address is the home of the Greyhound Bus garage.
The 2.0-acre infill industrial property offers tremendous value-add and large-scale multi-family development potential. The property is currently improved with a single-story industrial building totaling approximately 41,000 square feet, leased short-term to Greyhound Lines, Inc.
Back in June, we reported that a Connecticut developer had purchased the property for $19.4M. Not a bad profit, considering it’s been only two months since flipping it.
The fact that this piece of property sold is really no surprise considering its location across the street from the 776 Summer St. project – aka the old Edison plant redevelopment.
This whole neck of the woods will be unrecognizable in five years. Wonder how long before Murphy’s Law sells.