BOSTON — Newmark Knight Frank has completed the sale of 515 Massachusetts Avenue in Cambridge, MA for $30.1 million ($649 per square foot).
Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christian Brannelly of NKF’s Boston Capital Markets Group, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the four-story retail/office asset on behalf of S-BNK Cambridge, LLC.
Totaling 46,350 square feet, 515 Massachusetts Avenue is presently 100 percent leased to Santander Bank, one of the top retail banks in the United States. The property features a prominent corner location with strong frontage along Massachusetts Avenue, the main thoroughfare in Cambridge’s thriving Central Square neighborhood.
“515 Mass Ave enjoys an irreplaceable location bookended by Harvard University and MIT and surrounded by nearly 20 million square feet of office and laboratory space. Over the last year, MIT has opened its ‘maker space,’ The Engine, next door at 505 Mass Ave and the local retail scene has completely transformed. The influx of national retail tenants such as Target and Caffè Nero, plus the arrival of high-end restaurants such as Little Donkey and Waypoint, have been great for the Central Square market,” said Penman. “Benefitting from recently-approved, development-friendly zoning regulations, the asset also features exceptional future development potential.”
In addition to its high pedestrian and vehicular traffic, 515 Massachusetts Avenue boasts exceptional public transportation access via the Central Square MBTA station, which is situated just one block away. This prime mixed-use location features a one-mile population count of 67,700 people with an average household income of $95,700 and nearly three-quarters of those age 25+ holding a bachelor’s degree or higher.