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Wed, Jan 17
A Compendium of Property & Capital News
Wed
Jan 17
A Compendium of Property & Capital News

City Realty Sees Bright Future in Newton Retail/Office Space

January 08, 2018 - By The Real Reporter
345 Boylston St, Newton MA

NEWTON—City Realty recently added 345 Boylston Street, an 18,000 SF retail/office building in Newton to its property portfolio. At a purchase price of $4.6M, Norwood Cooperative Bank provided $3,450,000 of acquisition financing.

The property was over 70% leased at the time of purchase, but the firm looks forward to adding value by attracting more tenants.“We’re really excited about the opportunity to acquire a property with such strong existing cash flows in such a great location where there is an opportunity to try and add some value,” claims Fred Starikov, one of City Realty’s founding partners, “We look forward to finding great new tenants to fill the current vacancies.”

According to Starikov, the property’s location will play a key role in attracting new tenants and the asset’s overall success. Located directly on Route 9 on the border between Newton’s Chestnut Hill and Thompsonville neighborhoods, this multi-tenant office building features strong traffic visibility, ample transit access and a short walk to the shopping and restaurant options of The Shops at Chestnut Hill, The Street, and Lifetime Fitness.

Fred Starikov