Boston Realty Advisors is pleased to present the exceptional opportunity to acquire 416 West Broadway, a prominent recently redeveloped mixed-use, brick-and-beam building located in the vibrant South Boston neighborhood in Boston, Massachusetts. 416 West Broadway is an institutional-quality property that represents a “core-plus” asset by every measurable standard: quality, strength of tenancy, location and market standing. This one-of-a-kind asset also offers significant value-add potential through net operating income growth.
The four-level, 25,835 square foot building, which exemplifies Boston’s historic industrial architecture, underwent meticulous renovations in 2018. Ideally located along South Boston’s most active commercial corridor, West Broadway, the asset enjoys a dramatic corner street presence commanded by the buildings distinctive red brick exterior and large glass storefronts.
The property is currently leased by a mix of global strongholds and popular local tenants including: Caffè Nero, Verizon Wireless, btone Fitness, Karen Spa, Rethinking Power Management, and Ethos daycare. These tenants provide a building weighted lease term average of over 8 years remaining and more than 9 years remaining for the ground floor retail tenants. Additionally, there is 5,233 square feet of available lower level and second floor space enabling investors to build off the current leasing momentum and significantly add value.
416 West Broadway is also uniquely positioned for long-term upside from the continued development in the immediate vicinity and the Innovation District. With over 8.9 million square feet of mixed-use development completed and 6.4 million square feet board approved or under construction, the renovation of South Boston and the Seaport is well underway. The rapidly expanding infrastructure combined with infusion of neighborhood amenities is attracting a strong residential and commercial base.
416 West Broadway provides an ideal opportunity for investors to acquire a fully gut-renovated building with long-term stabilized tenants and significant upside through market rate leasing.