Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 1974
Building Area
Land Area ()
Number of units 184

Property Description

To view a virtual tour of the Holiday Inn Somerville, please click here.


Jones Lang LaSalle Americas, Inc. (JLL) is pleased to offer, on an exclusive basis, the fee simple interest in the Holiday Inn Somerville, a 184-room Hotel and lab development opportunity set on 3.3 acres in one of Boston’s rapidly developing life-science submarkets. The property offers investors the opportunity to acquire a strategically located hotel with excess land in a qualified Opportunity Zone.


Located less than a mile from Downtown Boston and Kendall Square, just steps from the future East Somerville MBTA Green Line station, the property benefits from a vibrant set of existing and proposed demand drivers. The hotel is surrounded by leading corporations in the life science and technology fields including Google, Microsoft, IBM, Pfizer, Philips, and Biogen; prestigious higher education institutions including Harvard University, MIT and Tufts (+46,800 students); and several recently-delivered, transit-oriented, master-planned developments. Additionally, the property is surrounded by several incoming developments including Cambridge Crossing, USQ, Boynton Yards, and Xmbly which will deliver more than 9.7 million square feet of mixed-use real estate upon completion.


The City of Somerville is poised for tremendous growth following the 2019 adoption of a comprehensive plan called SomerVision 2040 and a new zoning ordinance. Given the progressive zoning, the size of the property, and its location in a market driven by technology and innovation, investors can creatively consider a full or partial redevelopment to a life-science use.

Investment Highlights

  • Strategic, long-term location
  • Surrounded by transformative new developments
  • Somerville’s progressive new zoning
  • Existing hotel asset
  • Lab (re)development potential
  • Attractive cost basis
  • Opportunity zone


Last Updated Date: 21 Nov 2020
Alan Suzuki
Alan Suzuki
Managing Director, Capital Markets
Michael Restivo
Michael Restivo
Director, Capital Markets
License details
MA-9560857

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Last Updated Date: 21 Nov 2020

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