March 14, 2022 – By Tom Palmer
Two Retail-Residential-Office Properties on a Premier Retail Corridor
BOSTON – Boston Realty Advisors, the largest Boston-based independent real estate brokerage, is exclusively representing the owner of 324 Newbury St. and 330 Newbury St., two mixed-use assets situated on the busiest block of Newbury Street in Boston, for sale of the mixed-use properties.Built in 1915, the two four-level properties are 8,084 square feet and 8,231 square feet, respectively, and are being offered as a portfolio. Each building consists of two levels of street retail, one level of office, and a top-floor residential penthouse with a private roof deck. 324 Newbury St. has three individual private parking spaces in the rear of the building.Tours are being scheduled, and there will be a call for offers.“This is an opportunity for an owner-user, a high net worth resident, or a buyer from the retail investment world,” said Joe Wagner, Associate Director of the Retail Team at Boston Realty Advisors. “The market is strong for all three asset classes —  high street retail, boutique office and residential.”

The properties each boast flagship retail storefronts. 324 Newbury St. is home to Which Wich Superior Sandwiches, a modern casual chain known for design-your-own, and City Smoke Shop, a New England-based business with multiple locations providing quality smoking products.

330 Newbury St. houses Reiwatakiya, a Japanese retailer specializing in cosmetics and personal care items, and Bauer Wine & Spirits, a neighborhood staple liquor store offering hand-picked selections to Boston residents for over 60 years. All four retailers are paying market rents with term remaining. The office and residential spaces in both properties are vacant. Floor plates are about 2,000 square feet each.

The two buildings, close to each other but not adjoining, are located on the most dynamic block of Newbury Street, near world-class shopping and restaurants, top universities, and high-end residences. Ample street parking, the MBTA’s Hynes Convention Center Station, Bluebikes, and immediate access to Massachusetts Avenue, Storrow Drive, and the Massachusetts Turnpike are among commuting options making the properties convenient for visitors and residents.

”Strategically positioned between the Boston Architectural College and the Hynes Convention Center Station, 324 and 330 Newbury St. sit on the busiest block of Newbury Street,” said Whitney Gallivan, Managing Director and Partner at Boston Realty Advisors. “The properties provide any of its future owners the opportunity to command a presence with blocks of prominent neighbors.”

Boston’s Back Bay continues to be one of the strongest markets in the city despite the impact of the COVID-19 pandemic.

“Our retail leasing platform has been incredibly busy on Newbury Street since the start of the pandemic, having signed 12 retail leases in the past 12 months and currently in negotiations for several more retailers for vacant spaces on the street,” said Wagner. “Our restaurant clients in the Back Bay have reported sales being up 20 percent in 2021 over 2019, which speaks to the uptick in pedestrian traffic on Newbury and Boylston streets.

 

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