Colliers announced today it has advised seller, Modern School of Fashion, on the $7.6 million sale of 136 Newbury Street, an existing four-story mixed-use building located along the most exclusive and vibrant retail corridor of Boston’s Back Bay. A Colliers team comprised of Vice President Kendin Carr along with Caleb Hudak and John Real marketed the property primed for strategic repositioning and completed the sale to a buyer planning to convert the school to modern office space. At 8,350 square feet, the building is currently used for a combination of retail and classroom/office spaces by the prestigious School of Fashion Design, and offers high ceilings and abundant natural light, all situated within one of the most desirable areas of Boston. Known for its abundant street level shopping and dining options, Newbury Street is also just steps from famed Boston landmarks, including the mixed-use complex Prudential Center, Charles River Esplanade, Boston Common, Commonwealth Avenue Mall, Hynes Convention Center, and Boston Public Library, to name a few. Commuter friendly as well, 136 Newbury is proximate to three MBTA Green Line stops at Arlington, Copley and Hynes, as well as easily accessible via the Mass Pike (I-90) and Storrow Drive.
“The challenging times didn’t diminish the strong demand for this value-add opportunity at 136 Newbury”, shared Colliers Vice President and multifamily specialist Kendin Carr. “Throughout our marketing process, the strong appetite for trophy assets in Boston’s premier shopping and retail location became clear. Newbury Street has everything investors seek – prime location, premier amenities, and a strong surrounding community.”