Office building on Route 9 in Newton acquired for $4.6 million

City Realty Group has acquired 345 Boylston Street, an 18,000-square-foot office building located on Route 9 in Newton across from the recently completed Life Time Center commercial development, for $4.6 million. The sale amounts to about $256 per square foot. Norwood Cooperative Bank provided $3.45 million in financing towards the acquisition. 345 Boylston Street last sold in June 2013 for $2.926 million, about $163 per square foot, to Legacy Pearl LLC, who sold the building to City Realty Group.

The property is over 70%-leased, and its’ Route 9 location with strong traffic visibility will be key in attracting new tenants. In addition to Life Time Center, which is anchored by Life Time Fitness and Dana-Farber Cancer Institute, other recently completed commercial developments nearby include The Street and Chestnut Hill Square. “We’re really excited about the opportunity to acquire a property with such strong existing cash flows in such a great location where there is an opportunity to try and add some value,” said Fred Starikov, Managing Partner at City Realty Group, in a prepared statement.

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