Archive for the 'Boston Retail Space' category

As I am sure many of you have read, Boston is undergoing several transformations throughout several of its neighborhoods. Some are undergoing new additions, while others are getting renovated.

Here is an inside look with David Manfredi, principal of Elkus Manfredi Architects, whose firm happens to be one of which that is highly involved with several current/upcoming projects.

"Given all the development in places like Dudley Square, the Fenway, and the South Boston Waterfront, how do you expect the design and atmosphere of the city to change in coming years?

We’re very fortunate, planners and architects especially, to be in Boston. There is activity here, and there are large parts of the country where there’s not nearly as much activity. What’s exciting is that we have this incredible waterfront that sits right next to our downtown, and there is a lot of development there now. It’s not like we’re building at the edges; we’re building so close to the heart of everything." ...Read more HERE (photo credit boston.com) 

Boston Realty Advisors (BRA) was featured in the July 15th, 2011 issue of The Real Reporter because they are currently handling two exciting listings in Back Bay that will prove to be great rehabilitation projects. 

493-497 Commonwealth Avenue

Formerly the JS Waterman Funeral Home, BRA's listing at 493-497 Commonwealth Avenue has been out of use for several years, and is finally going to be brought back to life.  It is a 19,500 building currently in "shell condition."  This makes the building a blank canvas.  It may possibly become a residential space, but the central location could make for great offices or other forms of commercial space.  The building is right on the edge of Kenmore square, which is a great area and will soon benefit from major improvements to Boston's Green Line.  Boston Realty Advisors has not announced any definite details of a deal, but whatever happens, Kenmore square will soon have a new great space.

463 Beacon Street

Just a few blocks away, this beautiful building is currently a 20-room lodging house offering nightly and weekly rates.  This property may stay as is, but according to BRA founder Jason Weissman, it is possible that the space may work as a single household.  He also told The Real Reporter that converting the space to condominiums could be a viable and possibly more valuable solution.  The building has 2,400 square feet of frontage on Beacon street, easy access to Massachusetts Avenue and a slew of prestigious Universities, and six parking spaces in the rear.

Interested in these listings or looking for more information on buying or renting real estate in the Boston area?  Contact Boston Realty Advisors today!

 It appears that Boston real estate developers are finally believing that the recent and expected successes of Boston luxury Condos and Boston luxury Apartments are critical to the viability of commercial development such as the blighted Downtown Crossing's "Filene's Project."

The Boston Globe Article  says it all - there is quite a bit of interest in the purchase of the Filene's development site from Vornado who stopped development due to the downturn in the market a few years ago.

This is not the case in all cities across the country and not so in all of Massachusetts or even all parts of Boston. In any case, we should be pleased that there are positive signs of recovery.

Posted by : David Friedberg, CEO - Residential Division

Wait ’Til Next Year?

Tight pre-leasing requirements and a dramatic slide in rents and commercial values all but iced new construction in 2009, and at a recent NAIOP Massachusetts roundtable, Portfolio & Property Research CEO Bret Wilkerson predicted that office incomes would not trend upward again until 2011. That presumption, on its face, would seem to preclude all construction but build-to-suits (a quietly strong category in 2009).

However, Wilkerson and others have predicted a sharp swing upward in rents from 2011 to 2013. Wilkerson predicted a “phenomenally interesting and exciting cycle” beginning in 2011, and said Boston is PPR’s top market nationally for forecast rent growth until 2013. But unless the commercial financing environment evolves dramatically, and quickly, few new developments will be in a position to take advantage of that upswing. Eighty-five percent of Banker & Tradesman readers said they believe it is either not very likely or not at all likely that lenders will make commercial development loans available at reasonable terms in 2010.

In addition to the stalled Filene’s tower, two other high-profile Hub developments illustrate the harsh lending terms developers will have to navigate in 2010. Boston Properties had to swallow a tough recourse provision to get a club of five lenders to issue a $215 million construction loan for its Russia Wharf office tower in Boston – a project substantially pre-leased to Wellington Management. The loan amounts to less than half the tower’s $550 million construction tab. And when a group of three lenders refinanced the new Center for Life Sciences Boston, Biomed Realty Trust’s Longwood research tower, the San Diego-based REIT had to increase its equity position by $150 million, replacing a $500 million construction loan with a $350 million mortgage.

Retailer's Runway: 2009
This year's participants in the ICSC (International Council of Shopping Centers) Retailer's Runway were:

Auto Zone
Dollar Tree
Game Stop
Haloween Venture
Hobby Lobby
Kiddie Academy
Muscle Maker Grill
Planet Fitness
REI Sporting Goods
Rosa Mexicano Restaurants
Shoprite
Sonic
TD Bank
Wingstop Restaurants

The growth oriented segments in retail this year are value focused shopping, and appropriately so.  This line up is extremely reflective of this trend.

Retailer, Dollar Tree reporting opening 240 new locations in 2009 at the runway, having a total of 3,800 stores nationwide.  Their focus in
2010-2011 will be urban, in contrast to their typically suburban stores.

Sonic, the retro-future drive-in fast food restaurant reported opening
141 franchises in the 2009 fiscal year.  While this is down from their
2008 169 number, it still represents promising expansion.  Their current focus is on penetrating the northeast market.  Their new Peabody, MA location set the record for opening week revenue by more than 4 times the prior record holder.  With almost 3,600 locations across 42 states, the current #1 drive in chain in the U.S. shows promise.

TD Bank and Gamstop were amongst others with impressive growth statistics and substantial presentations.

For more information on retail real estate, please contact Jason Weissman here.

Stay tuned for more ICSC LIVE updates!  

The Tannery shoe store will open its fourth and largest retail  location at 711 Boylston Street within the next week.  The two story 11,000 square foot location, formerly Restoration Hardware, will showcase the retailer’s largest collection of shoes, clothing and accessories.

The second level of the space will be home to the concept, “Curated at the Tannery,” which will be dedicated to a more youthful, technical and alternative product mix in contrast to the sophisticated, high-end product environment on the street level.

The Tannery is an independent shoe retailer owned by brothers Tarek and Talal Hassan, which has grown substantially since it first opened its doors 35 years ago.  With two locations in Cambridge and one already on Boylston street, this expansion to the Newbury St./Boylston/Back Bay submarket represents a marked changed in Back Bay retail leasing activity.

This opening is a welcome addition to the retail scene in Back Bay.  As of today, the build-out looks to be almost 100% complete as their window displays and inventory are already displayed and apparent through the expansive windows wrapping the corner of Boylston and Exeter Streets.

On behalf of Boston Realty Advisors, we wish the Tannery and its proprietors much success and welcome them to the neighborhood.

To learn more about current leasing opportunities in the greater Boston area, please contact our Retail Leasing Director, Jim Speros.
 

9,350 Square feet at Lafayette Center!

In the midst of dense offices and a growing residential population sits this great retail location. Boston's midtown neighborhood is always bustling. Foot traffic will be the hallmark of your store's new address.

Jason Weissman is representing this space located at 500 Washington Street, Boston. For showings, and for more information, click here: Boston Retail

For more Boston office spaces and retail spaces, please browse our featured commercial listings.

Click here to contact broker Jason Weissman.