News: Front Section
Posted: November 1, 2024
Azora Exan acquires 149 Newbury St. from L3 Capital for $101 million
Boston, MA An affiliate of Miami-based Azora Exan has acquired 149 Newbury St. from the property’s developer, Chicago-based L3 Capital. The property sold for $101 million according to public record. The per s/f price of $2,321 for the five-story mixed-use property was higher than any other commercial real estate transaction in the city since 2000 other than the Mandarin Oriental in Back Bay and The Alyx at Echelon Seaport, according to the Business Journal, citing research from Hunneman.
149 Newbury is among the newest city properties to trade since the pandemic. It opened last year with a ground-floor Alo Yoga store, joined more recently by a Google Store and healthcare payments technology provider Zelis’ top-floor office lease.
The deal is Azora Exan’s third high-profile acquisition in the city lately. The firm bought 7 Post Office Sq. in August 2023 for $41 million, then purchased 801 Boylston St., another five-story Back Bay office and retail building, for $39.1 million this past spring.
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McEvoy of The Conrad Group brokers $2.9 million sale of industrial building
Hingham, MA The Conrad Group has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
Columns and Thought Leadership
5 Questions to ask when choosing a real estate broker - by Elizabeth Perez Barlett
>They say, “April showers bring May flowers,” but this season may bring more movement in the housing market as springtime is one of the most popular times for home buying and selling. Although spring is one of the strongest seasons for the residential market, it may not be all rosebuds and butterflies if you don’t have the right advisors.
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty
As healthcare facilities, often referred to as “Doc in a Box” clinics, increasingly move into traditional retail spaces, landlords are more frequently leasing to medical tenants. Unlike standard retail or office leases, medical facilities come with a unique set of considerations that must be carefully addressed to ensure a successful tenancy.