EDENS Parts with Three-Building Mixed-Use in Wellesley

EDENS has sold 34-50 Central Street, a collection of three boutique mixed-use buildings located in the Boston suburb of Wellesley, MA, to Framingham-based Taymil Partners. Although the sale price was not disclosed, EDENS paid approximately $21 million for the property in 2006.

Newmark co-head of U.S. capital markets Robert Griffin and managing directors Jonathan Martin and Paul Penman of the firm’s Boston Capital Markets Group represented EDENS and procured Taymil as the buyer. Additionally, Newmark vice chairman David Douvadjian, Sr., executive managing director Timothy O’Donnell and senior managing director David Douvadjian, Jr. of the Boston Debt & Structured Finance Group arranged financing on Taymil’s behalf.

Totaling 40,860 square feet, 34-50 Central Street is currently 73% leased to a diverse tenant roster, including apparel brands Lululemon and Faherty plus health/fitness retailer Figurella, all of which recently opened on site.

“34-50 Central Street offers an exceptional ‘Main and Main’ location in the heart of downtown Wellesley,” said Martin. “The downtown Wellesley retail market has benefited from strong leasing demand and absorption in recent years, boasting some of the region’s highest leasing spreads and lowest vacancy rates.”