Dartmouth Company Sells Development Site to New Boston Ventures for $9.2MFebruary 24, 2020
BOSTON–The Dartmouth Company recently completed the sale of 132 Arlington Street located in Boston’s historic Bay Village neighborhood. The team led by David Smookler & Peter Considine exclusively represented the seller to close the transaction at a sale price of $9,250,000 for the 14,180 square feet of currently leased surface parking. According to a release the buyer, New Boston Ventures, is a South End based developer who prides themselves on innovative and high-quality projects including Boulevard on the Greenway, The Lucas, The Modern, and the Old Salem Jail. The Seller, NAI Holdings Entertainment, LLC is an affiliate of National Amusements, Inc., which is a privately-owned theater and mass media holding company based in Norwood, MA.
Through the release, the Dartmouth Team commented, “Along with the National Amusements team, we had identified the potential opportunity to monetize 132 Arlington St. which was no longer core to our client’s operations. The level of interest from high-quality buyers with creative plans for the development of this site was impressive. We are excited for the New Boston Ventures team to execute a first-class project on the site.”
According to to the materials, supporting the efforts at 132 Arlington Street, The Dartmouth Company worked with Converge Ventures (CNVRG), an in-house multi-family real estate services team. The collaboration provided exposure, pertinent data and insight to a wide array of commercial and residential, investors, developers, and business operators.