Boston – NGKF Capital Markets has completed the sale of 727 Massachusetts Avenue in the Central Square neighborhood of Cambridge, MA to Chevron Partners for $14 million.
Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christopher Peterson of the NGKF Capital Markets Boston team, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the iconic mixed-use offering on behalf of Rink Realty.
The transaction marks Chevron Partners’ fourth acquisition in the Boston market. A boutique real estate investment firm with offices in Boston and Paris, Chevron Partners’ other local assets include the Sears’ Crescent Building, 10 Winthrop Square and Maison Vernon. NGKF Capital Markets oversaw the sale of the Sears’ Crescent Building to Chevron Partners in April 2016.
“We are pleased to have taken our first step into the Cambridge market,” commented Marcel Safar, managing partner of Chevron Partners. “We look forward to restoring, preserving and modernizing this beautiful and historic property in keeping with our firm’s development values.”
NGKF has also been retained by Chevron Partners as the exclusive office leasing agent for 727 Massachusetts Avenue, with Executive Managing Director David Townsend and Senior Managing Director Jason Cameron leading the effort.
“The 727 Massachusetts Avenue offering presented a truly generational investment opportunity,” said Millerd. “This transaction represented the first time the property has traded hands since the seller purchased the asset from its original owner, the Cambridge Gas-Light Company.”
Totaling 21,288 square feet of retail and office space, the 100 percent occupied asset is presently anchored by leading financial institution Bank of America, co-working space provider InTeahouse and business intelligence provider Dimensional Insight.
“727 Massachusetts Avenue is a community icon with a rich history,” said Penman. “The asset occupies an irreplaceable location between Harvard University and MIT in Cambridge’s Central Square neighborhood, which is increasingly attracting attention from national and international tenants and investors alike.”
727 Massachusetts Avenue is situated less than one block from the Central Square MBTA station, benefiting from excellent visibility and high pedestrian and vehicle traffic (15,400 vehicles per day). This prime retail location also features a one-mile population count of 67,300 people with an average household income of $97,200.