Rockland, MA – Newman Properties, a real-estate investment and management firm located in Brookline MA, purchased The Rice Building, a mixed-use property located at 346 Union Street. The purchase price was $2.7 million and financing was provided by Winchester Savings Bank. Newman Properties, coordinated the acquisition through Marcus & Millichap’s Boston office, who had listed the property.
Matthew Newman, principal and owner of Newman Properties, explains why the company decided to purchase the property, “We have a large presence in Boston and are looking to expand our portfolio on the South Shore with opportunities to buy, add value, and rent. Our current South Shore portfolio includes Village Green Apartments, a nineteen-unit apartment complex located on the Hyannis Town Green, Cape Cod Canal Apartments, a twenty-four unit apartment complex located on the canal in Buzzards Bay, and others including apartment complexes in Plymouth, Abington, and Whitman.”
