Boston, MA Coldwell Banker Commercial (CBC) has facilitated the off-market transaction of the former Corey Hill Nursing Home, located at 249 Corey Rd. The transaction was valued at $9.5 million.
Todd Glaskin, a commercial real estate professional with Coldwell Banker Commercial NRT, was the facilitator in the transaction. The buyers, GFC Development and 249 Corey Acquisition LLC, intend to replace the nursing home site with a 34-unit multifamily property and two single family homes.
“The demand for new construction residences has never been greater. After the COVID-19 pandemic shortened building cycle, investors are rediscovering all that the Boston market has to offer, including access to young professionals entering the workforce and empty nesters seeking to downsize,” said Glaskin.