Deal Marks Infinity’s First Boston Acquisition
Boston, Massachusetts (April 25, 2017) – Infinity Real Estate, LLC (“Infinity”) announced today the purchase of 353 Newbury Street, a four-level, 9,500 square-foot mixed-use property in Boston’s historic Back Bay neighborhood. LF Stores, a women’s apparel retailer based in LA, occupies the ground floor while the top two floors consist of vacant office space which will soon be marketed for lease. This transaction represents Infinity’s first acquisition in Boston, adding yet another prime market to its expanding list of high-street retail assets.
Located directly across from “the T” and half a block from Massachusetts Avenue, the building features street-level entrances, generous ceiling heights, and over 30 feet of frontage in an area of the Back Bay easily reachable by Boston’s large student population. “The most unique aspect of this property is its accessibility,” said Shahnawaz Daredia, Infinity’s Director of Acquisitions. “Millennials have the option to ride the Green Line, car share along Mass Ave, or just walk Newbury to get to the property.”
Situated on the western end of Newbury Street, the block has seen increased foot traffic with the opening earlier this year of Uniqlo’s multi-level flagship store. Other national retailers also located on the same block as the property include Urban Outfitters, Forever 21, and TJ Maxx.
Commenting on the deal, Steven Kassin, founder and managing partner of Infinity, noted, “We have been looking for an optimal entrance to the Boston market for some time. I am delighted that Infinity is joining the bustling Back Bay community through this acquisition of 353 Newbury Street, and adding to our portfolio another one-of-a-kind retail building that attracts great tenant line-ups and visibility.”
Infinity is exploring multiple value-add investment plans for 353 Newbury. The Property’s prime spot on Boston’s strongest pedestrian corridor, and its flexible format, allow for a number of successful repositioning plans.