NGKF Capital Markets has successfully completed the sale of the 165 Newbury Street retail condominium in Boston, Massachusetts to 165 Newbury Street Owner LLC for $6.25 million. Equating to a value of $5,952 per square foot, the transaction sets a new retail pricing record for Newbury Street, a globally-significant shopping and dining destination. The NGKF Boston Capital Markets team comprising U.S. Head of Capital Markets Robert Griffin, Executive Managing Director Geoffrey Millerd and Associate Director Paul Penman oversaw the transaction of the offering on behalf of Frazer Capital.
Comprising 1,050 square feet of retail space and a 350-square-foot patio, the 165 Newbury Street retail condominium is net leased to premier coffeehouse Starbucks (S&P: A-) in its entirety on a long-term basis.
“Combining a prominent, high-traffic retailer with an exclusive address along iconic Newbury Street, it is no surprise that the 165 Newbury Street retail condominium achieved record pricing,” said Penman. “Situated directly in the heart of this prestigious retail corridor, 165 Newbury Street boasts an irreplaceable location within a major gateway city.”
By virtue of its positioning along Newbury Street, the subject property is surrounded by a “who’s who” of global luxury brands, premier local boutiques, high-end dining establishments, upscale residences, first-class hotels and a wealth of cultural and recreational attractions.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.