Boston, MA— NKF Capital Markets has completed the sale of 240 Elm Street in Somerville, Massachusetts for $39 million.
NKF Capital Markets Vice Chairman Geoffrey Millerd, Managing Director Justin Smith, Director Paul Penman and Financial Analyst Christian Brannelly of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the retail/office asset.
NKF Capital Marketsdid not disclose the names of the parties involved in the transaction.
Totaling 46,276 square feet, 240 Elm Street is presently 100 percent leased to a first-class tenant roster anchored by bfresh, an urban grocery concept by Stop & Shop parent company Ahold, and Spaces, a modern office sharing concept by global flexible workspace provider Regus.
“240 Elm Street benefits from approximately $7 million in recent capital improvements that have transformed the former social security building into a premier mixed-use asset,” said Penman. “The property also enjoys a dominant position in the heart of Davis Square, a vibrant commercial center in Somerville.”
Strategically situated at the intersection of Elm Street, Davis Square’s primary retail corridor, and Chester Street, 240 Elm Street benefits from high visibility within a heavily traveled shopping, dining and entertainment destination. The asset’s strong pedestrian traffic is further solidified by its proximity to the MBTA Red Line’s Davis station, which serves approximately 12,900 commuters each weekday.