Hudson Group North America, LLC beat out several other investors, including national and local developers, to take ownership of the 120 Kingston St. property in what a broker involved in the sale described as "a highly sought after" offering.
Biria St. John, with CB Richard Ellis/New England, tells GlobeSt.com that the buyer was selected over another $9-million bidder because of its strong financial backing and their ability to close the deal. "It was highly sought after," St. John says of the 55,000-sf property. "It's really the only full block development site right on the Greenway and that was a real highlight of this deal."
Hudson Group plans to raze the property, which was valued in 2004 at $3.3 million, and build residential units on the block-long, 14,447-sf commercially zoned site. Plans for that project are still in the preliminary stages pending approval of the city, St. John notes. Officials from Hudson Group could not be reached for further comment by GlobeSt.com.
The building's Greenway site and unobstructed views made for some tough competition, especially from developers eager to own a location within walking distance to Downtown Crossing, South Station, the Boston waterfront and both the Theater and Financial Districts, he says. "There aren't too many opportunities in Boston to have full views, and this has tremendous views overlooking the Greenway," St John notes.
The seller, Kingston 2002 Realty Trust, was represented in the sale by St. John along with Simon J. Butler, David Fitzgerald, Chris Sower and Michael Byrne, all with CB Richard Ellis/New England. The brokerage team also procured the buyer.
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