News: Financial Digest
Posted: January 13, 2011
East Boston Savings Bank sells 156 Andover St. for $1.1 million
156 Andover St. on Rte. 114 has been sold. Vernco 156, LLC with George Vernet as its manager, has purchased the two-story retail/office building from East Boston Savings Bank. The total s/f of the building is 17,136 s/f. It consists of 4 retail units, 5 office units and an underground parking garage. The current tenants include Jenny Craig, Bay State Physical Therapy, Dr. Lawrence Miller, Brain Balance and Cartridge World. The building abuts Papa Gino's and Honeydew Donuts.
The site consists of 1.95 acres on Rte. 114 which is on a land lease. It is located at a traffic light with 45,000 cars going by per day. The building was purchased at auction from Paul Saperstein Auctioneers. The purchase price was $1.1 million. Financing was provided by East Boston Savings Bank.
MORE FROM Financial Digest
Quick Hits
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Columns and Thought Leadership
Ask the Electrician: How do I prepare my commercial building for a disaster?
New England’s notorious weather – from fierce winter storms to summer squalls and fall hurricanes – can leave businesses in the dark. While power outages are often blamed on storms, they can also be caused by unforeseen events like accidents or construction mishaps. While it’s impossible to prevent disasters and power outages entirely, proactive preparation can significantly minimize their impact on your commercial building.
The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
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.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary