After Decades of Holding, For $10M Griffith and Pepdjonovic Sell Newbury St. Mixed-UseSeptember 05, 2018 - By The Real Reporter
BOSTON– The Marcus & Millichap team of Evan Griffith, First Vice President of Investments, and Tony Pepdjonovic, Senior Associate has sold 164 Newbury Street, a six-unit mixed-use building for $10,000,000. The duo had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, a limited liability company.Griffith spoke on behalf of the firm’s achievement and the significance of the location. “This sale reinforces the demand for generational core assets in the City of Boston, Newbury Street is an iconic street and continues to be targeted by local and international investors…historically, Newbury Street has a very low transactional velocity so when a building becomes available, it is not surprising to see Buyer’s move quickly to secure the investment,” relates Griffith.
Pepdjonovic revered the history of the property. “The Seller’s had owned the property since the 1970’s and this is the first time the property has traded hands in decades, the proximity to Copley Place and the Prudential Center make this asset irreplaceable,” extolled Pepdjonovic. “With the completion of the new Four Seasons around the corner and re-development of Back Bay Station, this submarket will continue to see strong future appreciation,” he added.
164 Newbury Street is comprised of six retail and office spaces with parking for six cars. The property has been meticulously maintained by the previous owner and features many recent renovations. The retail space is occupied by Stephanie Saunders Art Gallery. The upper floors are occupied by two hair salons that have become Newbury Street institutions over the past few decades. The property sold at a capitalization rate of 4.6% and $1,550 per square foot.Evan Griffith Tony Pepdjonovic