BOSTON-The 465-unit Park Lane Seaport is being sold by the joint venture of owners Fallon Co. and Cornerstone Real Estate Advisers, LLC to JP Morgan Asset Management. The institutional investors are procuring the apartment property for $193.8 million. Simon Butler of Cushman & Wakefield, who represented the seller, tells GlobeSt.com that there was "very aggressive bidding" for the property. A source unaffiliated with the deal says the property traded at a 4.9 cap.
One Park Ln. sits on a little over 1.81 acres near the city's waterfront close to Fan Pier, which is owned by the seller Fallon Co. Fallon developed the L-shaped property in 2006, which alternately tops out at 21-stories and 13-stories. There is an additional 18,000 square feet of retail/restaurant space, which includes Legal Test Kitchen, Salvatore's and J.Pace & Sons, among others in the 100%-leased space.
The apartments range from studio to three-bedroom units, specifically 35 studios, 221 one-bedroom, 205 two-bedroom and four three-bedroom. The units range from roughly $2,000 to $4,000 per month and the building is 95.5% leased. The property includes 24-hour concierge, two rooftop terraces, sports club, lounge, meeting space and MBTA access. Cushman & Wakefield's Simon Butler and Biria St. John represented the seller and procured the buyer.
Mike Zamitti, managing director at Cornerstone, explains to GlobeSt.com, "Cornerstone owns and/or manages many assets. We occasionally sell one or more of those assets on behalf of our institutional investors when the market is conducive to the clients' goals. This is one of those times. "
The seaport has recently been a hub of activity as Seaport West just finished inking two large lease renewals for Nutter McClennen & Fish and Foley Hoag. The two law firms combined for renewals of 328,000 square feet for about the next 10 years.
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