3 Opportunity Zone Properties Sold For $12M In Malden

MALDEN, MA — Three properties in Malden's Opportunity Zone were recently bought for a combined $11.85 million, according to the Boston Business Journal. The offices at 15-23 Pleasant St., 11 Dartmouth St. and 17 Dartmouth St. were acquired by Boston-based Quaker Lane Capital.

The sites combine for 34,696 total square feet and are located near the Malden Center Orange Line stop, Business Journal reported.

According to Mass.gov, the Opportunity Zone Program was created under the U.S. Tax Cut and Jobs Act of 2017. The program allows the governor to nominate up to 25 percent of the state's low income census tracts to be designated as Opportunity Zones, in which entities can gain favorable tax treatment by investing in economic activities in the area.

Click here for a map of Opportunity Zones in Massachusetts.