Abbey Road Turns to Boston for $10M Buy

BOSTON-Two of the most famous names in roadways have come together again, as Abbey Road Advisors grabs its second stake on Newbury Street, Boston’s internationally known shopping Mecca. The Westport, CT-based firm acquired 131 Newbury St. for $6.2 million in a dual-building buy from local florist Winston Flowers.

“We think Newbury Street and Back Bay retail is still a very solid place to invest real estate dollars,” Abbey Road principal Alan Bates tells GlobeSt.com. The group last summer paid $9.5 million for the nearby 123 Newbury St. between Clarendon and Dartmouth Streets, the same block as 131 Newbury St.

In the just-completed round, Abbey Road Advisors affiliate Abbey Road Back Bay LLC also took over Winston’s 569 Boylston St., around the corner from 131 Newbury Street, for $3.8 million, seeding the purchases with a $7.2 million mortgage from TD Banknorth. Abbey Road has been active in the Back Bay since 2005 when it purchased the 13-story, 230,000-sf Boylston St. office/retail building for $55 million, an asset the firm and its partner sold for $95 million in early 2007.