National Development of Newton and Pyramid Advisors of Boston acquired the 280-room Sheraton Colonial and an adjacent 18-hole golf course from an affiliate of Starwood Hotels and Resorts Worldwide for an undisclosed price. A broker familiar with the property said the transaction was worth more than $30 million.

Ted Tye, managing partner of National Development, tells GlobeSt.com that plans currently call for turning about 70 acres of the golf course property in Lynnfield into an upscale village-style retail and residential development. "It's not often a 220-acre site directly on Route 128 opens up in the marketplace," says Tye, noting that the partnership beat out about 15 other offers to win title to the property. "We really consider it to be one of the best development properties we've come across."

Tye adds it is unclear what the partnership plans for the golf course, which will remain open until a development plan is finalized. "We are doing some planning and are in talks with the town," he says, adding that construction on the 70-acre development could begin by late next year or early spring 2008. He said the 18-hole course may be downscaled to nine holes or revamped for another recreational use.