Hunneman Brokers Downtown Lynn building for $6.2M
May 28, 2002 By David Liscio, The Daily Item

Hunneman Commercial is reveling in its brokering of a downtown Lynn building for $6.2 Million.

The commercial real estate brokerage orchestrated the sale of 507 Washington St. from seller John Cerundolo of Medford to the Mayo Group, a development company based in Boston's Roxbury neighborhood.

The 95-unit, red brick building includes 124,000 square feet of office and retail space with apartments on the upper floors.

Cerundolo described the deal as "a smooth transition" conducted to the satisfaction of all parties involved."

Car L. Christie, vice president at Hunneman, represented the seller. "This deal shows that even though the overall teal estate market may be down a bit, large deals are still being made," Christie said, :"The residential sector is still quite strong over all."

The building was one of four recently purchased by the Mayo Group. John McGrail, the Mayo Group's chief executive officer, said the properties will undergo extensive rehabilitation. "Lynn is a fine place and it has some wonderful buildings," he said.