On behalf of CMK Development Partners, LLC (the "Sponsor"), Cushman & Wakefield is pleased to exclusively present the opportunity to either (i) outright acquire 137 Main Street (the "Property" or "Project") or (ii) recapitalize the Sponsor’s basis and invest in its development through a joint venture. The property is comprised of three contiguous parcels totaling 32,148 SF (0.74 acres) The property is approved for 100-units and the sponsor has obtained a Tax Increment Exemption (TIE) Agreement with the City of Brockton that lasts 10 years. This ultimately should be a defining project of scale in one of Greater Boston’s fastestgrowing inner urban communities. The property is also located in an opportunity zone.
The proposed project includes the demolition of the existing building and the development of a new, five-story building, with amenity space and a lobby on the first floor, and 99 residential units above, with a mix of both market rate and affordable apartments. Of the total 100,000+ square feet, approximately 2,135 SF will be devoted to first floor commercial space, and the balance to residential space on the upper floors.
36 units will be studios, 48 will be one-bedroom, and 15 will be two-bedroom units. The studio apartments will be approximately 450 square feet on average, the one bedrooms will be 735 square feet, on average, and the two bedrooms will be 1,045 square feet, on average. Fifty parking spaces will be provided on site, while an additional 50 will be leased from the city’s available municipal lot across the street.
The site is walking distance to a number of new development projects in the area as well a plethora of shops, offices, and restaurants. Additionally, it is a mere 3 minute walk to the Brockton MBTA station which provides access to downtown Boston.
Process & Pricing
137 Main Street is being offered without a formal asking price or joint venture structure. Once investors have had an opportunity to review the offering materials and tour the Property, Cushman & Wakefield will schedule a "Call for Offers."
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