Lowell Baron Of Brookfield Properties And Stephen R. Karp Of New England Development Acquire 1,400 Acres For $65M

The asset involved in this transaction is 1,400 acres of land located across Weymouth, Rockland, and Abington, MA. The property was sold at a price of $65,000,000 and is set to be developed into a mixed-use project, which includes plans for 6,500 homes, 2 million square feet of commercial space, and 880 acres reserved as open land.

Summary of transaction details:

• Property Type: Land
• Transaction Amount: $65,000,000
• Buyer: Lowell Baron - Brookfield Properties
• Buyer: Stephen R. Karp - New England Development
• Seller: Washington Capital Management
• Acres: 1,400

This transaction involved significant players in the real estate development industry, with Lowell Baron representing Brookfield Properties and Stephen R. Karp representing New England Development. Their acquisition of the land from Washington Capital Management aligns with strategic development initiatives for the former South Weymouth Naval Air Station site.