BOSTON– JLL Capital Markets announced that it has closed the $12 million sale of Pier 4 Retail, a 16,134-square-foot urban retail condominium leased to two full-service restaurants in Boston’s vibrant Seaport neighborhood.
JLL advised the seller, Tishman Speyer Properties.
Completed in 2019, Pier 4 Retail is a trophy retail property leased on a long-term basis to two high-volume, chef-inspired restaurants, Nautilus and Woods Hill at Pier 4. These popular restaurants performed exceptionally well during the pandemic and have a built-in customer base from The Residences at Pier 4, a LEED gold, 100-percent occupied luxury condominium building with 106 residential units situated above the restaurants.
Pier 4 Retail is at 300 Pier 4 Blvd. in the heart of the Seaport District, which embodies the 24-hour urban lifestyle. Already stamped as having Boston’s highest concentration of tier-one amenities, the Seaport has quickly become Boston’s “it” neighborhood, serving as a popular destination for exciting eateries, retailers, hotels and major employers alike. The prominence of Boston’s Seaport continues to evolve as new developments and “tenant in-migration” fuel its rapid growth. Over the past several years, more than 12 million square feet of commercial space has been developed with over 3.3 million square feet under construction. Additionally, the district is home to nearly 4,000 multi-housing units with more than 1,300 under construction and over 4,000 hotel rooms. The Seaport is emerging as one of the nation’s top destinations for life sciences and, once built out, will be the nation’s second largest concentration of life science space. The area also caters to an affluent population earning an average annual income of $220,000 within a 0.5-mile radius.
Investors have shown renewed interest in prime urban retail, and, according to JLL Research’s recently released Food & Beverage Report, consumers are also hungry for novel and fun experiences when they dine out, and chef-driven cuisine is attracting diners.
The JLL Retail Capital Markets team advising the seller was led by Senior Managing Director Chris Angelone, Managing Director Nat Heald, Director Kellie Coveney and Director Zach Nitsche.
