Gazit Horizons Picks Up Boston Retail Asset

The seller, Frazer Holdings, traded the vacant property in the city’s urban core for $16.6 million. The building contains 10,500 square feet across two stories.
467 Washington St. in Boston

Gazit Horizons, a subsidiary of Gazit-Globe, has acquired a 10,500-square-foot retail property from Frazer Holdings. The seller shed the asset for $16.6 million, according to Suffolk County records. Frazer purchased the two-story building for just under $11 million in June 2014. In January, Gazit picked up another of the company’s properties in a transaction valued at $24.8 million.

An NKF Capital Markets team led by Geoffrey Millerd and Paul Penman represented Frazer in the transaction.

The building is located at 467 Washington St. in Boston’s Downtown Crossing neighborhood. Situated across from the 615,000-square-foot Lafayette City Center, the asset is adjacent to a dense blend of retail, entertainment, hospitality and office properties. Liberty Travel occupied the entire property until recently, when it moved to a new flagship location two blocks away.

“467 Washington Street benefits from a location ripe for continued retailer interest given its pedestrian foot traffic and access to public transit,” said Penman, associate director of NKF, in a prepared statement. “The asset represents another strategic acquisition for Gazit Horizons in the Downtown Crossing neighborhood and another successful execution for Frazer Capital.”

Image courtesy of NKF Capital Markets