BOSTON — In terms of CRE sales, the last block of Newbury Street is not the least block on the famed retail stretch running from Arlington Street to Massachusetts Avenue, and now yet another closely held building at the end cap of that strip is being offered up for sale amid expectations from market experts that pricing could crest $1,000 per sf.
The exclusive listing for Boston Realty Advisors involves 353 Newbury St., a three-level Brownstone whose 9,500 sf of office and retail space is 57 percent let by two firms on short term contracts, one of them owner/occupant Johnson Paint Co., whose namesake family has held the property since 1939.
“There has been a ton of activity on that block, more than any other on Newbury Street, and this is a unique opportunity with a lot of strengths we think will be recognized by many capital (sources),” Boston Realty Advisors retail practice group leader Michael d’Hemecourt tells Real Report in acknowledging the assignment. BRA has a good pulse on the demand, with the same team that also has founding principal Jason S. Weissman providing guidance already in the process of trading nearby 286-288 Newbury St. and separately has a similarly constructed listing around the corner at 903 Boylston St., also a multi-level structure in the path of progress across from the Prudential Center which has sparked considerable interest as it nears a final conclusion.
While d’Hemecourt declined to discuss details regarding 353 Newbury St.—and also passed on questions regarding the other two listings—he says the Johnson Paint Co. building has elements that make it a candidate to expand the first floor retail into a multi-level shopping experience by repurposing the office portion. Other properties on the block have gone that route, he notes, with TJ Maxx in May 2016 opening a 45,000 sf store on three floors at 360 Newbury St. Forever 21 is also in a three-level footprint at 343 Newbury St., that a 19,000-sf unit. Pointing to a horizontally patterned sandstone facade, BRA in marketing materials praises its “quintessential and elegant architecture well demonstrated throughout the building,” yet also is highlighting functional benefits, including efficient floor plates and an at-grade entrance “which allows for more ease of accessibility from a retail placement perspective and excellent visibility from a consumer perspective.”
“This is a really nice building in an incredible location,” says d’Hemecourt, whose retail group on the case includes principal Whitney Gallivan, Christopher Donato and Jaime Russell plus debt expert Nicholas Herz providing debt and structured finance options to bidders.
View the original article on The Real Reporter.Tags: Back Bay Retail, Christopher Donato, Jaime Russell, Jason Weissman, Michael D'Hemecourt, Newbury Street, Nicholas Herz, Retail, Whitney Gallivan