New Jersey Investor Goes On $50M Back Bay Shopping Spree
The Real Estate Equity Co., a New Jersey investment firm, acquired several retail and office assets on Massachusetts Avenue and Newbury Street.
Treeco acquired 93-97 Massachusetts Ave., 375 Newbury St. and 10 other retail and office suites across Newbury Street, according to May 8 public records. The firm paid $50M for the properties.
"Newbury Street is one of the premier retail corridors in the United States, with exceptional pedestrian traffic, strong surrounding demographics, and long-term barriers to entry," Treeco Managing Member Andrew Fish said in a statement. "We believe these properties represent irreplaceable real estate in a market that continues to attract leading retailers and consumers alike."
The seller, Kensington Investment Co., didn't respond to Bisnow's request for comment.
The Massachusetts Avenue and Newbury Street corner property sits adjacent to Samuels & Associates' Lyrik mixed-use air rights project. It is home to furniture company Room & Board.
Kensington acquired the property in 2012, according to public records. The 39K SF property underwent extensive renovations in 2014, including a four-story addition, replacing the facade and adding a second-floor terrace.
With the purchase of the portfolio, Treeco also paid $9.5M for 108 Newbury, $8.2M for 292-296 Newbury St., and $5.3M for 304 Newbury St., according to public records.
The seller for those three deals was Linear Retail Properties.
The sales come on the heels of other notable Newbury Street acquisitions.
Last month, Acadia Realty Trust and Osiris Ventures acquired 4-6 and 28 Newbury St. for $114M from ASG. In July, ASG also sold 93-95 Newbury St. to Ralph Lauren for $38M.
Treeco has more than $500M in properties across the Northeast. In April, the firm acquired a Dick's Sporting Goods in Danvers for $16M.
