crefeed.com | Urban shopping center in Boston sells for $42.6 million

1/25/2007

Urban shopping center in Boston sells for $42.6 million

201 Newbury St.

Anglo Irish Bank purchased a 24,993 sq. ft. urban retail center in Boston at 201 Newbury St. for $42.625 million on Jan. 25.

The building, also known as the Prince on Newbury Street, was sold by The ABBEY Group, a Boston-based real estate development firm.

The seller was represented by Cushman & Wakefield's Capital Markets Group.

The $1,700 per sq. ft. price was the most-expensive real estate in Boston on a sq.-footage basis, according to Geoffrey Millerd, Senior Director of Cushman & Wakefield.

The building was 92 percent leased at the time of the sale and includes such tenants as The Gap, American Eagle Outfitters, Betsey Johnson and Adriano Goldschmied. It's located near other high-end retail centers such as the Copley Place Mall and the Shops at Prudential Center.

The ABBEY Group developed the former Prince School into a shopping center in 1986.

Address: 201 Newbury St., Boston, Mass.

Size: 24,993 sq. ft.

Built: Developed into shopping center in 1986

Filed Under: Retail

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