BOSTON—Adding to its portfolio of high street retail holdings across the country, ASB Real Estate Investments has bought four buildings along Newbury and Boylston streets, in the exclusive Back Bay shopping district, for $91.2 million. The acquisition—in joint venture with Blatteis & Schnur—was made on behalf of ASB's Allegiance Real Estate Fund, a $3.1 billion core real estate vehicle.
The four assets are 100% leased, retail-office properties totaling 51,249 square feet of space. Tenants are familiar brand names, including Ralph Lauren, Fidelity Brokerage, and Puma. The buildings are 333-335 Newbury St., 342 Newbury St., 352 Newbury St. and 801 Boylston St., (at Fairfield street, across from the Mandarin Oriental hotel).
Jim Darcey, managing director of ASB, says, "These Boston acquisitions provide our investor clients with high-quality properties centered in the market's premier shopping area where demand for space from high-profile luxury and millennial-oriented retail tenants outstrips supply. We see the Back Bay becoming even more popular and attractive as more people seek out the convenience of a 24-hour urban lifestyle and the city increases its tourist traffic."
Throughout 2013, including this Boston transaction, ASB acquired approximately $600 million of prime real estate in the nation's prime shopping corridors and districts—among them Hollywood and Robertson boulevards in Los Angeles, New York's Meatpacking District and Lower Broadway in Soho, Miami's Lincoln Road, Chicago's Oak Street, and Denver's LoDo.
In 2013, ASB Real Estate Investments completed more than $1 billion in acquisitions of commercial and apartment properties in major US urban markets where the company sees strong long-term investment prospects driven by tenant demand for dynamic city environments and high barriers to entry.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
