Synergy Buys Mixed-Use Asset for $34M

BOSTON-A real estate investment firm flush with cash from Ireland has made another substantial purchase here, as Synergy Financial LLC paid $34 million for 25-35 Morrissey Blvd. in the city’s Dorchester district. The mixed-use complex includes a 62,000-sf supermarket and a 42,000-sf office building.

“It’s an area that is really up and coming,” Synergy VP Dee Minnock tells GlobeSt.com in deciphering her company’s interest. Besides proximity next to the Red Line subway, the University of Massachusetts, and the John F. Kennedy Presidential Library, 25-35 Morrissey Blvd. is in a section of Dorchester that could benefit from the pending repositioning of the Bayside Exposition Center. While that was not a factor in Synergy’s interest, given that the $1-billion overhaul was just unmasked this week, Minnock says the project should only enhance the presence of 25-35 Morrissey Blvd. “We do think that will be a great help, yes,” she says.

Even so, the real driver–literally–in the sale was Synergy founder David Greaney, who commutes from Dorchester past 25-35 Morrissey Blvd. to the firm’s North Station headquarters, explains Minnock. When approached by brokers at CBRE/New England with the opportunity to buy the complex, Synergy’s chief was already sold on the property, Minnock says. Other attractions, she says, are strong in-place income generated from property leasing and two billboards, plus development potential for 2.1 acres. No concepts are in place on that, she reports, but says that Synergy “looks forward to working with the various constituents to ensure that a well-thought-out development plan is implemented.”