Urban retail asset in Boston’s Seaport trades for $12M
JLL Capital Markets closed the sale of the ground-floor retail condominium of a luxury residential building
BOSTON, June 7, 2022 – JLL Capital Markets announced today that it has closed the $12 million sale of Pier 4 Retail, a 16,134-square-foot urban retail condominium leased to two full-service restaurants in Boston’s vibrant Seaport neighborhood.
JLL advised the seller, Tishman Speyer Properties.
Completed in 2019, Pier 4 Retail is a trophy retail property leased on a long-term basis to two high-volume, chef-inspired restaurants, Nautilus and Woods Hill at Pier 4. These popular restaurants performed exceptionally well during the pandemic and have a built-in customer base from The Residences at Pier 4, a LEED gold, 100-percent occupied luxury condominium building with 106 residential units situated above the restaurants.
Pier 4 Retail is at 300 Pier 4 Blvd. in the heart of the Seaport District, which embodies the 24-hour urban lifestyle. Already stamped as having Boston’s highest concentration of tier-one amenities, the Seaport has quickly become Boston's "it" neighborhood, serving as a popular destination for exciting eateries, retailers, hotels and major employers alike. The prominence of Boston’s Seaport continues to evolve as new developments and “tenant in-migration” fuel its rapid growth. Over the past several years, more than 12 million square feet of commercial space has been developed with over 3.3 million square feet under construction. Additionally, the district is home to nearly 4,000 multi-housing units with more than 1,300 under construction and over 4,000 hotel rooms. The Seaport is emerging as one of the nation’s top destinations for life sciences and, once built out, will be the nation’s second largest concentration of life science space. The area also caters to an affluent population earning an average annual income of $220,000 within a 0.5-mile radius.
Investors have shown renewed interest in prime urban retail, and, according to JLL Research’s recently released Food & Beverage Report, consumers are also hungry for novel and fun experiences when they dine out, and chef-driven cuisine is attracting diners.
The JLL Retail Capital Markets team advising the seller was led by Senior Managing Director Chris Angelone, Managing Director Nat Heald, Director Kellie Coveney and Director Zach Nitsche.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tishman Speyer Properties
Tishman Speyer is a leading owner, developer, operator and investment manager of top-tier real estate in 32 key markets across the United States, Europe, Asia and Latin America. Tishman Speyer develops, builds and manages premier office, residential, industrial and retail spaces for industry-leading customers, as well as state-of-the-art life science centers through their Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, Tishman Speyer is unparalleled in its ability to foster innovation, quickly adapt to global and local trends and proactively anticipate their customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as their tenant amenities platform, ZO. and their flexible space and co-working brand, Studio, they tend not just to their physical buildings, but to the people who inhabit them on a daily basis. Since their inception in 1978, Tishman Speyer has acquired, developed and operated 505 properties, totaling 218 million square feet, with a combined value of over $124 billion (U.S.). Tishman Speyer’s current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.