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Jamestown is saying farewell to Boston’s high street of shopping with a hefty sale.
North Carolina-based Asana Partners bought Jamestown’s 130K SF, 28-building Back Bay portfolio — mostly situated on Newbury Street — for $297.9M. The cluster includes 64 retail storefronts, 30 office suites and 51 residential units, Real Estate Alert reports.
Jamestown bought the Back Bay portfolio in 2011 for $226M in a different Boston retail climate than today. While Newbury Street remains a popular spot for high-end shopping and dining, it has gained nearby retail competition following renovations at the Copley Place and Prudential Center malls as well as new retail in neighborhoods like the Seaport and Fenway.
Eastdil Secured Managing Director Sarah Lagosh and her team represented Jamestown and secured Asana Partners as the buyer in Back Bay.
Representatives with Jamestown, Asana and Eastdil were not made available for comment in time for publication.
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