Boston, MA- Boston Realty Advisors (BRA) have been exclusively retained for the sale of 286-288 Newbury St., a core brownstone asset located on Newbury St. in the historic Back Bay neighborhood of the city. BRA’s capital markets team of Michael d’Hemecourt, Whitney Gallivan, Jason Weissman, Nick Herz, Christopher Donato and Jaime Russell will be handling the sale process.
This 9,351 s/f historic brownstone exemplifies the city’s world famous Victorian architecture, with its brown sandstone façade, large glass windowpanes and classic bow-front design. The property is 80% occupied providing immediate stability with strong upside to investors. The 7,009 s/f of retail represents 93% of the building’s square footage and 97% of the in-place income. Pinkberry, Pavement Coffeehouse, ’47 Brand and Back Bay Veterinary Clinic are housed within the building and offer a well-rounded retail line up that aids in the continuous flow of visitors year round.
286-288 Newbury St. is also uniquely positioned for long-term upside from the continued development of the Back Bay. The asset is located in close proximity to the Shops at Prudential Center that has recently undergone a great deal of construction and has made a concerted effort to elevate their retail mix with new tenants including Tesla, Under Armour, and Italian inspired food market, Eataly. The rapidly fluctuating infrastructure combined with infusion of neighborhood amenities is bringing a new and improved dynamic to the Back Bay neighborhood.
Read the original press release on New England Real Estate Journal.Tags: Capital Markets, Christopher Donato, Jaime Russell, Jason Weissman, Michael D'Hemecourt, NICHOLAS M. HERZ, Whitney Gallivan