Ashforth Paradigm Capital Advisors Property Fund I, a co-sponsored fund administered by Paradigm Properties and the Ashforth Co., acquired the 263 Summer St. property from the Archon Group. As GlobeSt.com GlobeSt.com reported, the Archon Group recently re-lit the historic neon-red sign to mark the former warehouse district's transformation into an upcoming waterfront neighborhood.
"We love having a finger in the neighborhood and being part of that momentum," APCA president Kevin McCall tells GlobeSt.com. He says the new owner will keep the ruby red sign lit "as a beacon for the revitalization and future character of this neighborhood."
The Summer Street building, which sits at the gateway to the Fort Point Channel neighborhood, was part of a 17-building portfolio package acquired from the Boston Wharf Co. by Archon and Goldman Properties. As GlobeSt.com reported, the portfolio sold for $93 million last year.
McCall says APCA plans to lease up the remaining office space, which is currently about 48% vacant, and make some minor building improvements.
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