Newton office building trades for $13.9 million

29 Crafts Street, a five-story, 66,825-square-foot Newton office building, has sold for $13.9 million. The sale amounts to $208 per square foot. Village Bank provided $13.9 million in mortgage financing towards buyer Capasso Realty’s acquisition. NKF Capital Markets represented seller Chatham Investment in the transaction and procured Cappaso as the buyer.

29 Crafts Street is anchored by W.T. Rich Company, Steward Health Care System and Capital Advisors Group, and is located just off of the Massachusetts Turnpike between Newtonville and Newton Corner, a short drive or MBTA ride to Downtown Boston. “Combining stable in-place cash flow with tangible upside potential in a premier Boston suburb, 29 Crafts Street represented a compelling investment opportunity,” said NKF Associate Director Samantha Hallowell in a prepared statement. “The asset’s substantial rental rate discount to Downtown Boston, walkable amenities and convenient commuter location generate consistent demand from a diverse tenant roster.”

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