Boston Realty Advisors has completed the sale of 416 West Broadway in South Boston for $15.9 million, marking a notable real estate transaction in a challenging market environment. The property, originally purchased by Core Investments in 2015 for $1.8 million, has experienced substantial value appreciation over eight years.
The three-story, 25,835-square-foot brick and beam building, constructed in 1910 and fully renovated in 2018, was acquired by Egeria Real Estate Investments. Located in the heart of South Boston's primary retail corridor, the property features multiple tenants including Ethos, Caffe Nero, Verizon, Karve Spa, and Barre Groove.
Kevin Benzinger, Managing Director of Capital Markets for Boston Realty Advisors, highlighted the property's exceptional qualities, emphasizing its geographic location and tenant mix as key attractions for the buyer. The sale demonstrates potential resilience and opportunity in commercial real estate, despite broader market challenges.
Historically, the site has transformed from a residential building in the late 19th century to a furniture store, and subsequently through various commercial uses. Its current configuration represents a successful adaptive reuse of a historic industrial property, reflecting Boston's ongoing urban development trends.
The transaction underscores continued investor confidence in strategically located commercial real estate, particularly in vibrant urban neighborhoods with diverse tenant bases.
