Andy LaGrega, a principal with the Wilder Cos. of Boston, which arranged the 360 Newbury St. deal, tells GlobeSt.com the 10-year lease gives Best Buy its first retail location in the central business district. The electronics chain has several suburban locations, including Dedham, Brockton and Framingham.
Terms of the lease were not disclosed but LaGrega says that ground floor retail space along Newbury Street leases for more than $100 per sf. In addition to the retail space, Best Buy will also take about 6,000 sf of basement space for storage.
In addition to its regular store offerings, Best Buy will also have a Magnolia Home Theater store in the building for its premium home theater, audio and video merchandise.
Best Buy was represented in the transaction by Rob Robledo of Atlantic Retail Properties in Boston. Lori McWeeney, with the Wilder Cos., represented the landlord, Boston Residential Group LLC.
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