Koury Sells Boston Retail Asset for $15.8 Million
BOSTON, April 6, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 25,349 square feet of ground floor retail in Vita, a newly constructed luxury condominium and retail development in Boston’s trendy Jamaica Plain neighborhood. The $15,886,711 sales price equates to $626.72 per square foot.
“This was a rare opportunity to acquire a newly constructed, retail development occupied by a secure list of tenants generating durable income in one of Boston’s most desirable communities,” said James Koury, IPA senior managing director. Koury represented the seller, J.P. Property One LLC, and procured the buyer.
Located 4.5 miles from Boston’s financial district, Vita is a short walk from the Massachusetts Bay Transportation Authority’s Green Street and Forest Hills commuter rail stations. The property is fully occupied by Beth Israel Hospital, Pure Dental, Third Cliff Bakery, The Cooperative Bank and Planet Fitness.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com