Quincy Developer Buys Bank Branches In Somerville, East Boston

Banker & Tradesman | By Steve Adams
March 23, 2017

Quincy-based Grossman Cos. Inc. has acquired two properties in East Boston and Somerville that are leased to Citizens Bank branches.

Grossman paid $1.75 million for 26 Central Square in East Boston, which contains a 3,812-square-foot Citizens branch, and 40 Union Square in Somerville, home to a 5,438-square-foot branch, for $4.25 million.

Marc Mandel, first vice president at CBRE, represented the seller. Brookline Bank’s James Burns and Henri Soucy arranged financing.

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