Hunger for Chef-Driven Restaurants Preps $12M Sale of Urban Retail Asset in Seaport
JLL has closed the $12 million sale of Pier 4 Retail, a 16,134-square-foot urban retail condominium leased to two full-service, chef-driven restaurants in the Seaport neighborhood of Boston, MA.
Chris Angelone, Nat Heald, Kellie Coveney and Zach Nitsche of JLL advised the seller, Tishman Speyer Properties.
Accroding to JLL, investors have shown renewed interest in prime urban retail and consumers are hungry for the novel and fun experience of chef-driven cuisine. The 2019-constructed Pier 4 Retail’s restaurants have a built-in customer base from The Residences at Pier 4, a LEED gold, 100-percent occupied luxury condominium building with 106 residential units situated above the restaurants.
Over the past several years, more than 12 million square feet of commercial space has been developed in the Seaport district, with over 3.3 million square feet under construction. Seaport is emerging as one of the nation’s top destinations for life sciences.
- ◦Sale/Acquisition
