Better Times in Store for Grossman Building

BOSTON — A one-time auto dealership converted into office and retail space by the Grossman Cos. is undergoing yet another rebirth after the property at 860-872 Commonwealth Ave. saw two prime tenants succumb to the 2008 recession. Losing key tenants Mattress Discounters and Ski Market is quickly fading from memory thanks to the opening of a 7-Eleven in the defunct bedding retailer’s unit and East Coast Alpine’s resurgence in the erstwhile Ski Market operation that was a fixture for many years across from Boston University.

In yet another positive sign, Eastern Bank has refinanced the building that broker Richard McKinnon says has been in Grossman Cos. control for approximately 50 years. Once upon a time, 860-872 Commonwealth Ave. had been part of Boston’s famed Automobile Row between Packard’s Corner and Kenmore Square until the industry motored to suburbia in the 1960s. “It has quite a history,” McKinnon recounts as the structure enters a third stage of revival centered by the iconic convenience store’s quick fit up and opening barely 45 days after lease signing. Terms were not divulged, but McKinnon says 7-Eleven’s ardor underscores the bustling stretch of Commonwealth Avenue that sits on the Brookline border.

“It’s an ideal location for that type of operation,” says McKinnon. “The pedestrian traffic is extremely high and (diverse).” Brookline residents, Boston University students and the Green Line trolley that courses down Commonwealth Avenue all stoke the flow of consumers, relays McKinnon, who represented the landlord. Adam Conviser negotiated for the tenant, an operator of more than 7,200 stores throughout North America.

Eastern Bank’s $5.2 million refinancing of 860-872 Commonwealth Ave. comes at a time when the Grossman Cos. is seeking tenants for 6,000 sf of office space behind the retail units. The office product is being modernized, explains McKinnon, who anticipates that portion will be ready to occupy in the coming months.