LYNN — The former Lynnway Mart Indoor Mall & Flea Market site at 800-810 Lynnway was sold this week for $21 million to Post Road Residential, according to the Southern Essex District Registry of Deeds.
Post Road Residential is proposing a mixed-use, multi-family development at this 8.4-acre commercial-property site, which was formerly owned by McGrath Enterprises.
With the sale of this property, the Commonwealth received $95,760 generated through the excise tax, according to the Registry of Deeds.
The market site — also known as the former Mass Merchandise Mart — used to be Building 19, with indoor and outdoor flea markets, but has been vacant for years and was recently used as a COVID-19-testing site.
Post Road Residential was founded in 2011 by Andrew Montelli, and is a full-service, multi-family developer headquartered in Connecticut.
The company focuses on “unique, institutional grade, Class-A, urban-infill multi-family housing along the I-95 corridor between Boston and New York City.”
“The team is currently managing, or has completed the development of over 2,200 rental units representing nearly $700 million in Class-A rental housing,” according to Post Road Residential’s website.
In addition to Connecticut, Post Road Residential owns properties in Everett, Revere and Marlborough.
“Our team is focused on delivering the best product and experience in every market,” Post Road Residential said. “In the end, our projects transform neighborhoods and add vibrancy to communities. This very element of development is what we strive for with every project.”
