BOSTON— NKF Capital Markets has completed the sale of 467 Washington Street in Boston to Gazit Horizons, a wholly-owned subsidiary of Gazit-Globe (NYSE; TSX; TASE: GZT), a leading global real estate company focused on the ownership, development and management of shopping centers and mixed-use properties in major urban markets.
On behalf of Frazer Capital, NKF Capital Markets Vice Chairman Geoffrey Millerd, Associate Director Paul Penman and Financial Analyst Christopher Peterson of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the 10,500-square-foot retail asset.
467 Washington Street is a vacant, two-story plus lower-level asset located in the Downtown Crossing district of Boston. It is Gazit Horizons’ second acquisition in the submarket.
“467 Washington Street benefits from a location ripe for continued retailer interest given its pedestrian foot traffic and access to public transit,” said Penman. “The asset represents another strategic acquisition for Gazit Horizons in the Downtown Crossing neighborhood, and another successful execution for Frazer Capital.”
Gazit Horizons is actively engaged in discussions with several retailers to lease up the property, which is located near two MBTA subway stations and surrounded by some of the city’s newest retail, restaurant, hotel and residential developments.
“We are excited to continue to build our portfolio in Boston and be a part of the continued investment in Downtown Crossing,” said Alison Lies, Gazit Horizons’ senior vice president of acquisitions, who recently relocated to the Boston area to oversee the growth of the firm’s local portfolio. “We look forward to finding more opportunities to invest in the city.”
Gazit Horizons, Inc. was formed in May 2017 and invests in income-producing real estate throughout the United States. With offices in Miami, New York City and Boston, the company actively pursues assets in targeted markets, focusing on major metro areas and growing urban cores of “gateway” cities. Gazit Horizons invests in larger properties with mixed-use potential and looks for unique opportunities to uncover value through diversity of use as well as redevelopment and proactive asset management.
