Boylston Street Property Trades for $39.1M

Boylston Street Property Trades for $39.1M

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A Back Bay office-retail building anchored by an investor center for Fidelity Investments was acquired by a Spanish real estate investment firm for a 27 percent discount from its previous sale in 2013.

The Ferrado Group paid $39.1 million for 801 Boylston St., according to a Suffolk County deed.

The 28,170-square-foot building previously traded for $53.9 million in December 2013, when a joint venture of ASB Real Estate Investments and Blatteis & Schnur acquired it as part of a 4-building portfolio along Newbury and Boylston streets.

Back Bay’s retail occupancy rate was 94.5 percent during the first quarter, according to CoStar data, with average asking rents of $97.59 per square foot. The vacancy rate for class B and C office properties was 18.9 percent, according to CBRE, with average asking rents of $52.30 per square foot.

Ferrado Group has U.S. offices in Newport Beach, California.

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Source Link: https://bankerandtradesman.com/boylston-street-property-trades-for-39-1m/

Boylston Street Property Trades for $39.1M:

Image courtesy of Google Maps
A Back Bay office-retail building a…

Boylston Street Property Trades for $39.1M

Image courtesy of Google MapsA B…

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Boylston Street Property Trades for $39.1M Image courtesy of Google Maps A Back Bay office-retail building anchored…

Boylston Street Property Trades for $39.1M

Author: BLOGGER