The sale of 416 West Broadway in South Boston for $15.9 million represents a significant real estate transaction that underscores the enduring value of well-located urban commercial properties. Boston Realty Advisors represented Core Investments, Inc. in this deal, which saw the property change hands to Egeria Real Estate Investments. This sale price marks a substantial increase from the $1.8 million that Core Investments paid for the property in 2015, demonstrating remarkable appreciation in value over a relatively short period. The transaction occurred despite broader market challenges, indicating continued investor confidence in strategically positioned commercial real estate assets.
The property itself is a three-story, 25,835-square-foot brick and beam building originally constructed in 1910 and fully renovated in 2018. Its location in the heart of South Boston's primary retail corridor proved to be a key factor in attracting buyer interest. Kevin Benzinger, Managing Director of Capital Markets for Boston Realty Advisors, emphasized the property's exceptional qualities, particularly its geographic positioning and diverse tenant mix. Current tenants include Ethos, Caffe Nero, Verizon, Karve Spa, and Barre Groove, creating a stable income stream for the new owner.
Historically significant, the building represents Boston's traditional industrial architectural style and has undergone multiple transformations over its lifetime. The site previously housed a residential building in the late 19th century and was later home to Carey Furniture before its most recent renovation. The property occupies a prominent corner position on F Street, adjacent to The Mezz apartments and surrounded by popular restaurants and shops, enhancing its commercial appeal. This strategic positioning within a vibrant neighborhood contributed significantly to its market value and investment attractiveness.
The transaction reflects broader trends in the commercial real estate market, where properties with strong locations, historical character, and modern renovations continue to command premium prices. Egeria Real Estate Investments' acquisition demonstrates their ongoing commitment to acquiring strategic properties in the Boston market, particularly those with proven tenant occupancy and growth potential. The sale also highlights the importance of professional representation in commercial real estate transactions, with Boston Realty Advisors successfully navigating the deal to achieve optimal results for their client. This transaction serves as a benchmark for similar properties in urban markets, showing that well-maintained commercial buildings in prime locations maintain their investment appeal regardless of broader economic conditions.
