(For more retail coverage, click GlobeSt.com/RETAIL.)
BOSTON-A South Boston building, home to Jones Department Store, a historic retailer that has been in business since 1947, has been put on the market for $2.6 million. The buildings entry to the market marks the continuing gentrification of this once blue-collar neighborhood.
Adam Meixner, with Boston Realty Advisors, which is marketing the 11,500-sf property, tells GlobeSt.com that the four-story wood-frame building at 673 E. Broadway has generated much interest in its two months on the market but offers "haven't hit that sweet spot just yet."
The building, located near K Street, is home to Jones Department Store, a fixture in the neighborhood for 60 years, and a 7-Eleven convenience store. The property also has four fully leased apartments above the storefronts that were developed in 2005 along with an adjacent 2,500-sf vacant lot that has redevelopment potential, Meixner says. The department store is slated to close once the building is sold.
"Everybody I bring through talks about how their parents used to shop there 30 years ago but times are changing and it's difficult for [the store] to keep up with the market," he says. The building's owner Jerry Hersch, put the property on the market as a result.
South Boston, once a haven for Boston's Irish immigrants and blue collar workers, is rapidly gentrifying, especially along Broadway, the neighborhood's main commercial thoroughfare. The area is now home to a number of upscale restaurants, shops and condominium developments.
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