March 16, 2022 12:00 PM
Newmark announces the sale of 64 Beach Street and 72 Kneeland Street, two mixed-use assets located in the Chinatown district of Boston, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin and Associates Joseph Alvarado, George Demoulas and Casey Valente of the firm’s Boston Capital Markets and Private Capital Groups represented the seller, the Lau family, and procured two separate buyers. 64 Beach Street was acquired by Asian Community Development Corporation (ACDC) and 72 Kneeland Street was acquired by Kendall Capital.
“Chinatown buildings like 64 Beach Street are home to local restaurant workers and other low-wage workers. We hope to do more projects like this to prevent displacement in Chinatown,” said Angie Liou, Executive Director of ACDC.
Totaling 13,374 square feet and presently 89% leased, 64 Beach Street encompasses 14 residential units and 1,953 square feet of retail space. Totaling 18,620 square feet and presently 81% leased, 72 Kneeland Street encompasses six residential units, four floors of office space and 1,864 square feet of retail space.
“On behalf of Newmark’s Boston Private Capital Group, I would like to commend the seller and both buyers for the successful transaction of these important community assets,” said Alvarado. “They are generational, urban infill properties with strong visibility in a high barrier-to-entry submarket.”
64 Beach Street is situated along Chinatown’s main thoroughfare, just steps from the iconic Chinatown Gate, and 72 Kneeland Street is prominently located at the corner of Kneeland and Tyler Streets. Both assets are conveniently positioned within a five-minute walk of an MBTA Orange Line station and the city’s multi-modal South Station transit hub.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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