Retail and Office Building in South Boston Sells for $15.9 Million
BOSTON – Boston Realty Advisors, the Boston area’s largest independent commercial real estate brokerage, represented Core Investments, Inc. in the sale of 416 West Broadway, in South Boston, for $15.9 million.
Unlike many commercial properties being purchased in today’s depressed real estate market, 416 West Broadway, a three-story, 25,835-square-foot building with multiple tenants, sold for considerably more than it was last purchased for.
The new owner is Egeria Real Estate Investments, with offices in Boston and properties in the Netherlands and Germany. Egeria also owns the Whitney Hotel on Charles Street, a sale in which Boston Realty Investments also represented the seller, and other properties in Boston.
“416 West Broadway is of exceptional quality from a physical, geographic, and tenancy perspective,” said Kevin Benzinger, Managing Director of Capital Markets for Boston Realty Advisors. “The property is located in the heart of the main retail corridor in South Boston, which is what attracted the buyer to the asset. We are very happy for both seller and buyer in this transaction.”
Core Investments purchased the property in 2015 for $1.8 million.
The brick and beam building, built in 1910 and fully renovated and updated in 2018, has three floors and a functional basement. Tenants include Ethos, Caffe Nero, Verizon, Karve Spa, Barre Groove, and Ethos.
It exemplifies Boston’s historic industrial architecture and is located along South Boston’s most active commercial corridor, West Broadway, with a corner presence on F Street and popular restaurants and shops nearby.
The 416 site held a residential building in the late 19th century. Later it was the home of Carey Furniture, which went out of business in 1975. It was renovated in the 1980s and served as offices of a printing and imaging company, among other tenants. It is located next to The Mezz apartments, at 420 West Broadway, formerly the Broadway Theatre.
ABOUT BOSTON REALTY ADVISORS
Founded in 2001, Boston Realty Advisors is a Boston-based, privately held, locally operated real estate firm led by Founder and Senior Partner Jason S. Weissman. BRA is a leader in the middle markets, focused on investment sales, corporate real estate and retail. For more information, please go to www.bradvisors.com .
FOR MORE INFORMATION, PLEASE CONTACT:
Kevin Benzinger, Managing Director
kbenzinger@bradvisors.com, 617.375.7900
Tom Palmer, Tom Palmer Communication
tompalmer@rcn.com, 617.755.7250
