Boston— Newmark Knight Frank (NKF) has successfully completed the $14 million sale of the leased fee interest at 9-15 Brattle Street in Cambridge, Mass.
On behalf of a private family trust, Vice Chairman Geoffrey Millerd, Managing Director Justin Smith, Director Paul Penman and Financial Analyst Samantha Torto of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the 23,792-square-foot site, which is subject to a long-term, triple-net ground lease with 57 years remaining.
9-15 Brattle Street is improved with a 117,640-square-foot mixed-use building anchored by The Harvard COOP, a publicly accessible bookstore and café featuring the largest selection of officially licensed Harvard logo clothing and gifts in the world, in addition to The Gap, Beat Brew Hall and The Sinclair, a popular music venue and restaurant.
“9-15 Brattle Street represented a unique offering providing long-term, bond-like income within Harvard Square, a world-class retail destination,” said Penman. “It therefore served as a truly generational opportunity within a city that rarely sees such high-profile offerings come to market.”
9-15 Brattle Street benefits from strong visibility along Brattle and Church Streets, two primary thoroughfares in Harvard Square. The asset is strategically situated just steps from an entrance to the MBTA Red Line’s Harvard Square station, which is one of the busiest stops in the MBTA subway system with more than 23,000 passengers per day.