Canton leads county in top 2023 real estate sales

Four Canton properties — two commercial and two residential — were among the highest-priced pieces of real estate sold in Norfolk County in the last year, according to data released recently by Norfolk Register of Deeds William P. O’Donnell.

Coming in at No. 1 in O’Donnell’s list of the “top 20 real estate sales from 2023” was Prynne Hills, a 472-unit apartment complex located on the border of Canton and Randolph. Formerly known as Avalon, the property sold in October for $143.5 million.

85 John Road, Canton, MA

Also appearing on the list in the No. 7 spot was 135 Will Drive in Canton, a 417,014-square-foot warehouse and logistics facility on 26.3 acres of land, which sold in December for $68 million.

Other Canton properties featured on the list include Millside at Heritage Park at No. 17, a three-story, 60-unit apartment building on Revere Street that sold in February for $26.625 million, and 85 John Road at No. 18, a 435,600-square-foot research and development facility that sold in August for $22.75 million.

After Prynne Hills, the other top selling properties in Norfolk County in 2023 were also apartment complexes, including One Upland in Norwood, which sold in December for $114.3 million, and the MIO Apartments in South Weymouth, which sold in July for $94.6 million. Rounding out the top five were the former United Liquors warehouse and distribution facility on Campanelli Drive in Braintree ($77.5 million), and the Walpole Mall on Route 1 ($71.95 million).

Among the 28 communities in Norfolk County, Canton had the most real estate sales in the top 20, tying with Franklin, which also had four, including a multi-building storage and distribution center on Kenwood Circle ($37.5 million) and three different warehouse properties on Grove Street, which sold for $29.5 million, $28 million, and $19.5 million, respectively.

Canton’s neighbor to the south, Stoughton, had three properties on the list: a 50-acre asphalt and pavement quarry on Maple Street ($62 million), the Stone Ends Apartments on Wheeler Circle ($28.972 million), and Brookmeadow at Blue Hills, a 91-unit assisted living facility on Central Street ($18.713 million).

Also appearing in the top 20 were the Pelham Hall apartment complex in Brookline’s Coolidge Corner ($70 million); the Finnell Drive Industrial Park in Weymouth ($51 million); a 23-acre parcel at the former U.S. Naval Air Station in Weymouth ($50 million); the Avon Business Center in Avon ($47.25 million); and the Hilton hotel on the Dedham/Westwood border ($41.9 million).

All of the above-listed properties were sold during the past calendar year for an average price of $50.87 million. Together, they generated nearly $4.64 million in excise tax revenues for the state and county.

“The industrial and commercial nature of many of these developments bodes well for the Norfolk County economy, both in terms of employment and revenue,” said Register O’Donnell. “This also indicates that Norfolk County is not only a desirable place to both live and work but is also a magnet for business, industry, and trade.”

Overall, there were 8,192 properties sold in Norfolk County in 2023, down 20 percent from 2022. The average sale price for these properties fell 8 percent to $1.084 million.

While the data points to a slowdown in real estate activity, O’Donnell noted that there were still “pockets of the market that saw significant growth and development,” particularly in commercial real estate and rental property. “With many observers of the market predicting mortgage interest rates to decrease in the first half of 2024,” he added, “we hope to see more robust real estate activity in 2024 with continued growth in commercial real estate, rental, and residential properties.”

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Posted by Canton Citizen on Mar 8 2024. Filed under Business. Both comments and pings are currently closed.