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Back Bay Mixed-Use Building Trades for $39M
The Ferrado Group, a Spanish real estate investment firm with offices in Newport Beach, California, has acquired a Back Bay office-retail building at 801 Boylston St., which is anchored by a Fidelity Investments investor center.
The purchase price of $39.1 million represents a 27 percent discount from its previous sale in 2013, when it traded for $53.9 million as part of a larger portfolio acquisition by a joint venture of ASB Real Estate Investments and Blatteis & Schnur.
Back Bay’s retail occupancy rate stood at 94.5 percent in the first quarter, with average asking rents of $97.59 per square foot, according to CoStar data. The vacancy rate for class B and C office properties was 18.9 percent, with average asking rents of $52.30 per square foot, as reported by CBRE.
- ◦Sale/Acquisition
