For $16M, Paradigm Flips 263 Summer St.

BOSTON-What a difference a year–and a day can make. Precisely that long after Paradigm Properties acquired 263 Summer St. in the city’s Fort Point Channel District, the local real estate investment firm has traded the eight-story, 57,000-sf office building to National Development of Newton for a handsome return. APCA 263 Summer LLC paid $10.3 million for the asset, compared to $16.1 million doled out by the new owners.

“It’s a good story,” Paradigm principal Steve Allison tells GlobeSt.com in confirming the disposition. “I think our investors are very happy.” The building was purchased on behalf of a fund stocked by high net worth investors, a vehicle that has acquired nine assets to date, several in Massachusetts. Paradigm had intended on holding onto 263 Summer St., with Allison stressing the firm believes in the district’s future, but given the ardor among buyers, the decision was made to offer the building to a select cadre of likely prospects, including National Development.