May
2008
Globe Street Reports
Abbey Road Advisors grabs its second stake on Newbury Street, Boston’s internationally known shopping Mecca. The Westport, CT-based firm acquired 131 Newbury St. for $6.2 million in a dual-building buy from local florist Winston Flowers.
“We think Newbury Street and Back Bay retail is still a very solid place to invest real estate dollars,” Abbey Road principal Alan Bates tells GlobeSt.com. The group last summer paid $9.5 million for the nearby 123 Newbury St. between Clarendon and Dartmouth Streets, the same block as 131 Newbury St.
In the just-completed round, Abbey Road Advisors affiliate Abbey Road Back Bay LLC also took over Winston’s 569 Boylston St., around the corner from 131 Newbury Street, for $3.8 million, seeding the purchases with a $7.2 million mortgage from TD Banknorth.
Thus proving yet again – location… location … location. In any market place investors will put their money and pay top dollar for Class-A locations. For more info on Newbury St. transactions contact us at realestatebostonblog@gmail.com
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