Deals Again Aplenty on Newbury St as Irish Suitor Chases One Asset and CMG Names Agent for 2nd

By Joe Clements

BOSTON—Parking spots, not so much, but commercial properties appear inexhaustible along the Hub’s famous Newbury Street—as are capital sources eager to scoop up opportunities when they do hit the market. In the latest examples of that phenomenon, an Irish suitor is chasing down 342 Newbury St., while the owner of a retail condo at 292-296 Newbury St. has engaged Colliers Meredith & Grew to pitch that fully occupied property.

“It is going to be highly sought-after,” CMG principal Lisa M. Campoli tells The Real Reporter in confirming her team’s selection as brokers for the listing of “an unparalleled retail location” just hitting the block this week. Totaling 5,700 sf in three addresses at 292, 294 and 296 Newbury St., the retail unit up for sale was one of four commercial condos separated from seven residential units that were also converted to condominium ownership in 2007 by Provident Development Group. Described as a “boutique trophy” investment, the space underwent an extensive renovation that modernized systems and interiors, leading to a robust response from a quartet of tenants that includes Audrey’s, Michael Labrecque Salon and MiniLuxe. Campoli says similar conversions of buildings to retail condos have proven successful, and predicts the strong cash flow and proven location of the Newbury Street product will further entice consideration.

Market watchers have pegged Boston Urban Partners as the brokerage firm handling the sale of 342 Newbury St., a property owned by a Boston-based partnership led by President Zvi Schwarzman. That entity, 342 Newbury Street LLC, acquired 342 Newbury St. in May 1997 from General Nutrition Centers for $1,000,000. Schwarzman and Boston Urban Partners principals did not respond to inquiries regarding the negotiations by press deadline, making it unclear about details such as pricing or timing for the closing.

One document obtained by The Real Reporter identifies the manager buying 342 Newbury St. as Paul O’Sullivan, an Irish native and real estate veteran who had been working for compatriot Aidan Brooks in that well-known investor’s pursuit of US real estate. Local Brooks holdings include 165 Newbury St. and 801 Boylston St. around the corner. Sources also claim O’Sullivan is eyeing 337 Newbury St. for purchase, although that could not be confirmed by press deadline.

Although dozens of Newbury Street assets have changed hands in the past five years, led by an aggressive platform pursued by Taurus Investments and UrbanMeritage, some spoken to lament there is a dearth of opportunities on the Back Bay thoroughfare at present. The lull may be temporary, however, and a sale of 342 Newbury St. should help keep the trading trend alive until properties in the wings hit the street. In the meantime, Campoli concurs that buyers are always available when the asset carries a Newbury Street address. “It’s extraordinary,” she says of the cache such product carries globally.