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BROOKLINE, MASSACHUSETTS Offering Synopsis PREMIER COMMERCIAL CONDOMINIUMS FOR SALE OR FOR LEASE
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BROOKLINE, MASSACHUSETTS
Offering Synopsis
PREMIER COMMERCIAL CONDOMINIUMS FOR SALE OR FOR LEASE
OFFERING SYNOPSIS
E X E C U T I V E S U M M A R Y
NEWMARK KNIGHT FRANK HAS BEEN EXCLUSIVELY RETAINED TO LEASE OR SELL 164-166 HARVARD STREET, WHICH COMPRISES TWO PREMIER RETAIL CONDOMINIUMS WITH 18 ASSOCIATED GARAGE PARKING SPACES LOCATED BELOW A CLASS A RESIDENTIAL BUILDING IN BROOKLINE, MASSACHUSETTS.
3,412 square feet at 166 Harvard Street is available for immediate lease and is an excellent location for a financial institution, professional office or other service retail use. The 166 Harvard Street space features excellent visibility with approximately 90’ of frontage along Vernon Street and 45’ of frontage along Harvard Street. The property benefits from being the most recent construction in the market, having been completed in 2006, featuring modern building systems and 12’ ceiling heights.
164-166 Harvard Street is also being marketed for sale, providing an excellent investment opportunity or potential location for an owner-user. The asset presents a very attractive combination of in-place income, immediate leasing upside and the potential for further revenue generation through leasing of the garage parking spaces. Of the 18 spaces deeded to the commercial condominium units, only four are currently being rented for parking by the existing tenant, with another four used for pick-up and drop-off for two hours in the morning and two hours in the evening during Monday to Friday. With monthly parking licenses currently generating $225 to $235 per space and no overnight street parking permitted in the town of Brookline, the spaces will be a significant source of additional revenue for the buyer.
In addition to the 18 parking spaces deeded to the commercial condominiums, the seller also owns 17 additional garage spaces at the property that could be included in a sale.
164-166 Harvard Street is being offered without a formal asking price, free and clear of any existing debt.
F L O O R P L A N | S T R E E T L E V E L
102’
-11.
5”
106’
-10”
27’ -11.5”
27’ -11”
17’ - 6”
27’ - 2”
2,993 SF
Available 3,412 SF
67,100PEOPLE
$122,000AHHI
1-MILE
OFFERING SYNOPSIS
I N V E S T M E N T H I G H L I G H T S
NEWLY-CONSTRUCTED BOUTIQUE RETAIL WITH PARKINGTwo premier condominium units comprising a total of 6,405 square feet of retail space with 18 associated garage parking spaces located below one of Brookline’s most exclusive residential addresses
DURABLE IN-PLACE CASH FLOW & IMMEDIATE LEASING OPPORTUNITYThe offering features a 2,993 square foot lease to Sunshine Academy, a daycare and early education center with more than 10 years of history at the property, through May 2020 complemented by 3,412 square feet of space that is well primed for swift lease-up
HIGHLY-WALKABLE URBAN RETAIL LOCATION Exceptional positioning along Harvard Street, one of Brookline’s main thoroughfares, directly across from Stop & Shop and between Coolidge Corner and Brookline Village, the town’s two primary commercial and residential hubs
EXCLUSIVE BROOKLINE ADDRESS As one of Massachusetts’ most
desirable and affluent residential communities, Brookline is
well known for its rich history, strong school system and
vibrant shopping, dining and entertainment scene
SUPPLY-CONSTRAINED, HIGH BARRIER-TO-ENTRY MARKET
Attractive opportunity to enter the Brookline market, where both physical and regulatory barriers to entry make
new development difficult to permit and expensive to construct
EXCELLENT DEMOGRAPHICS One-half, one- and three-mile population
counts of 20,000, 67,100 and 441,400 people, respectively, with corresponding average household incomes of $144,000,
$122,400 and $102,600
A+
11 MINUTE WALK7 MINUTE WALK
18 Spaces
2,993 SF
3,412 SF AVAILABLE FOR LEASE
T T
COOLIDGE CORNER
BROOKLINE VILLAGE
T
T
T
BEA
CO
N STR
EET
HARVARD STREET
®
BrooklineBank
Millenium Nails
COOLIDGE CORNER
SUMMER AVENUE
BROOKLINE TOWN HALL
THE PUBLIC LIBRARY OF BROOKLINE
PIERCE ELEMENTARY SCHOOL
BROOKLINE VILLAGE
VIBRANT RETAIL SUBMARKETThe subject property features exceptional positioning along Harvard Street, one of Brookline’s main thoroughfares, and between Coolidge Corner and Brookline Village, the town’s two primary commercial and residential hubs. It therefore benefits from strong synergies with a wealth of nearby retailers, including a variety of major brands (Capital One, CVS, Peet’s Coffee, Pier 1 Imports, Santander, Starbucks, Stop & Shop, Trader Joe’s, Walgreens) and local favorites (Brookline Booksmith, Coolidge Corner Theatre, Hops N’ Scotch, J.P. Licks, OTTO, Paris Creperie, Pho Lemongrass, Temptations Café, Upper Crust Pizzeria). Additionally, the MBTA Green Line and a variety of MBTA bus stops are just a few blocks away. This highly-walkable urban neighborhood consequently benefits from strong foot traffic generated by residents and visitors alike.
brookline booksmith
OFFERING SYNOPSIS
OFFERING SYNOPSIS
T
COOLIDGE CORNER
BEA
CO
N STR
EET
Longwood Medical Area
Fenway
Back Bay
HARVARD STREET
SUPERIOR MULTI-MODAL ACCESSIBILITY
Situated in an area well known as one of the nation’s most walkable urban/
suburban environments, Brookline enables easy travel by foot, public
transportation and car. In addition to its convenient local walkability, the
town is served by the MBTA Green Line, offering service to Newton to the west
and Downtown Boston to the east. In addition, Brookline provides convenient access to Interstate 90 (Massachusetts Turnpike) and Storrow Drive, enabling
direct connections to Downtown Boston, Interstates 93 and 95 and
Logan International Airport.
T19,000 VPD
HARVARD STREET
The information contained in this Confidential Offering Memorandum (“Memorandum”) is highly confidential, furnished solely for the purpose of review by a prospective investor (“Principal”) of 164-166 Harvard Street (the “Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of the owner of the property (“Owner”) and Newmark Knight Frank (“NKF”). No warranty or representation, express or implied, is made by Owner, NGKF or any of their respective affiliates as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. This Memorandum is the property of Owner and NKF and may be used only by Principals approved by Owner and NKF. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Owner and NKF.
Exclusively Offered By:
Brookline, Massachusetts
225 Franklin Street, Suite 3300Boston, MA 02110
PAUL PENMANAssociate Director
(617) [email protected]
GLORIA KUOTransaction Services Specialist
(617) [email protected]
ROBERT E. GRIFFIN, JR.U.S. Head of Capital Markets
(617) [email protected]
JUSTIN SMITHManaging Director
(617) [email protected]
CHRISTOPHER PETERSON Financial Analyst
(617) [email protected]
GEOFFREY MILLERDExecutive Managing Director
(617) [email protected]
TED CHRYSSICASExecutive Managing Director(617) [email protected]
PAT PALADINOSenior Managing Director(617) [email protected]
JONATHAN MARTINManaging Director(617) [email protected]
For leasing information:
For sales information:
