NKF Closes $25M Sale of Mixed-Use Boston Asset
- Jan 11, 2018
Gazit Horizons Inc., a subsidiary of Israel-based Gazit-Globe, has expanded its mixed-use portfolio with the acquisition of a 28,690-square-foot building in Boston’s historic Downtown Crossing neighborhood. Frazer Capital, represented by NKF Capital Markets, disposed of the asset for $24.8 million.
Located at 41 Winter St. in one of Boston’s most dynamic districts, the eight-story, fully leased building includes office space and ground-floor retail. The property is anchored by Liberty Travel, which recently signed a lease.
Due to recent renovations by Frazer, the building has improved accessibility and a refurbished interior, including the lobby.
The NKF Capital Markets team included U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Directors Geoffrey Millerd and Matthew Pullen, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christopher Peterson.
“This asset offers an attractive combination of stable in-place income and achievable upside potential, located directly adjacent to excellent public transportation,” said Penman, in prepared remarks. “It also represents another very successful execution for Frazer Capital, which acquired the property for $12 million in January 2016.”
Image courtesy of NKF Capital Markets