South Boston Commercial Property Sells for $15.9 Million, Signaling Market Resilience
TL;DR
Core Investments, Inc. sold 416 West Broadway for $15.9 million, showing significant profit in a depressed market.
Built in 1910, the fully renovated 25,835-square-foot building has multiple tenants including Ethos, Caffe Nero, and Verizon.
The sale of 416 West Broadway revitalizes South Boston's retail corridor, benefiting both the seller and buyer in a transaction.
416 West Broadway's history dates back to the late 19th century, transitioning from a residential building to a bustling commercial property.
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Boston Realty Advisors has completed the sale of a prime commercial property at 416 West Broadway in South Boston for $15.9 million, highlighting the continuing attractiveness of well-located and renovated real estate assets in the current market.
The three-story, 25,835-square-foot brick and beam building, originally constructed in 1910 and fully renovated in 2018, has attracted significant investor interest. Egeria Real Estate Investments, a firm with properties in the United States, Netherlands, and Germany, purchased the property from Core Investments, which originally acquired it in 2015 for $1.8 million.
The property's strategic location in South Boston's primary retail corridor, combined with its historical architectural characteristics and updated infrastructure, contributed to its substantial value appreciation. Situated at the corner of F Street, the building hosts multiple tenants including Ethos, Caffe Nero, Verizon, Karve Spa, and Barre Groove.
Kevin Benzinger, Managing Director of Capital Markets for Boston Realty Advisors, emphasized the property's exceptional qualities, noting its physical condition, geographic positioning, and diverse tenant mix as key attractions for the buyer.
The sale represents a notable transaction in a real estate market currently experiencing significant challenges. By achieving a sale price substantially higher than its 2015 purchase value, the property demonstrates the potential for strategic real estate investments in carefully selected urban locations.
Historically, the site has undergone multiple transformations. Previously home to a residential building in the late 19th century and later Carey Furniture, the property has been repurposed multiple times. Its current iteration as a multi-tenant commercial space reflects the dynamic nature of urban real estate development.
This transaction underscores the continued vitality of Boston's commercial real estate market, particularly in neighborhoods like South Boston that are experiencing significant economic and infrastructural growth. For investors and real estate professionals, the sale provides insight into potential opportunities in urban commercial properties that combine historical character with modern functionality.
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