A building in Bostons beautiful Back Bay neighborhood has just sold for $12.5 Million. Located on the bustling Newbury Street that is lined with top restaurants and boutique stores, 275 Newbury Street is a visually stunning property right in the heart of all the action.
Sold by Joyce Hampers, the operator of a pair of spas in the Back Bay and a former Department of Revenue commissioner, the property was most recently purchased by her in 2004 for $5 Million. Indeed, the real estate market has clearly been performing well not just in the residential sector over the past few years, but also in the commercial real estate market given these drastic price increases.
Purchased by Centremark Properties and Pearlmark Real Estate Partners, the deal only closed about a week ago. One of the managing partners, Nader Golestaneh, was unable to be reached for comment. However, early indications are that the new owners desire one large tenant to occupy the entirety of the four-story building going forward.
More Information: Boston Business Journal