Senné announces the acquisition of a commercial property in Braintree
Boston-based real estate investment and advisory firm Senné recently announced the successful acquisition of 255 Grossman Drive, Unit 4 in Braintree, Massachusetts, from a joint venture with The Grossman Companies and Dinosaur Capital Partners.
The 27,500 square foot free-standing commercial building includes current long-term lease tenants Five Below and Guitar Center. The property is part of The Marketplace at Braintree, a regional shopping center in South Boston. Amazon Fresh also chose The Marketplace at Braintree as the premier location in Massachusetts for its new grocery store concept.
“A central tenet of Senné’s line of syndication and real estate investment services is that we only select the opportunities in which we would invest ourselves. Working with such experienced and insightful salespeople has enabled our team to identify and craft an exceptional syndication deal for our clients, ”said William Senné, President and CEO of Senné.
Braintree Market is conveniently located off Route 3, a main road in the area, and the mall is accessible via several public transportation options, including the MBTA Red Line, Commuter Rail, and Cape Flyer. Through a vertically integrated structure, the Senné team will manage the day-to-day operations of the property and handle all asset management, accounting, finance, investor and tax reporting, as well as regulatory compliance of the investment.
“Having worked with the Senné team in several capacities over the past few years, we are delighted to have concluded this transaction with such a quality team. Since we recently entered into a long-term lease extension with the two tenants of the property, now was the time to monetize the asset. We are delighted to continue to develop our relationship with Senné in the future, ”said David Grossman, co-chairman of The Grossman Companies.