East Boston, MA Marcus & Millichap completed the sale of East Boston development site, a 9,632 s/f lot of land, according to Tim Thompson, regional manager of the firm’s Boston office. 

The asset sold for $1.65 million. The development site is located at 5 Waldemar Ave.

Evan Griffith and Tony Pepdjonovic had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, an individual/personal trust, was also procured by Griffith and Pepdjonovic.

“This extremely rare opportunity offered the investor the chance to acquire a development site in the highly sought after Orient Heights neighborhood of East Boston,” said Griffith. “The neighborhood is going through a major gentrification effort with the redevelopment of 373 units at the end of Waldemar Ave. In addition, there have been several exciting proposals regarding the future of the Suffolk Downs site of 53-acres.”

With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.