BOSTON – Colliers International announced that it has been hired as the exclusive agent in the sale of a mixed-use portfolio of properties located in Boston’s Back Bay neighborhood at 225-227, 254, and 270 Newbury Street.
The portfolio includes 27 residential units and 8,739 SF of Newbury Street retail. Additionally, the portfolio includes 18 parking spaces, a rarity for Back Bay brownstones. The sites are located within walking distance from two MBTA Green Line stops, Copley & Hynes Convention Center, and are easily accessible from I-90/Mass Pike. The Newbury Galleria hosts significant value add potential through continued apartment renovations or complete gut renovations, also ideal as adaptive reuse for national retail tenants.
The Newbury Galleria portfolio sits within the Exeter & Gloucester Street blocks on esteemed Newbury Street, and provide excellent access to a multitude of employment, shopping and entertainment venues in the epicenter of Back Bay’s retail district. Boston’s Back Bay neighborhood is famous for its wide, Victorian streets and as a fashionable shopping destination. National retailers that have recently moved to Newbury Street include TJ Maxx, Shake Shack, and COS.
Chris Sower, Senior Vice President of the Multi-Family Investment Sales team, stated of the portfolio, “The Newbury Galleria provides the opportunity to build a portfolio in one of Boston’s most historic and valued neighborhoods. We look forward to the market’s response to these classic Newbury brownstones.”
Peter Montesanto, Senior Vice President of Retail, included, “With the Prudential Center’s influence from the west, the luxury high end retailers from the North and the contemporary brands coming from Massachusetts Avenue, the properties are well positioned to capture a wide range of tenancy.”