The Hamilton Company has purchased two commercial buildings in the city - 1117 Commonwealth Ave. in Allston and 106 Cambridge St. in Government Center. The $3.1 million in new acquisitions means that Hamilton Co. has surpassed $400 million in residential and commercial property acquisitions since 2009.
Hamilton Co. has been active during the past five years, and president Carl Valeri says the billion-dollar-real estate company will continue to seek out properties for purchase that complement Hamilton's growth-and-income strategy. "We feel that the market for commercial and residential property remains fundamentally very strong," said Valeri. "Nevertheless, more buyers than sellers have driven prices higher than investor expectations, giving some pause to the long-term investor."
The deal was put together for Hamilton by Jameson Brown, senior vice president for acquisitions and son of Hamilton founder and chairman Harold Brown, whose 60-year-old Boston real estate company now has more than $1.5 billion in total assets.
Harold Brown said the new commercial property acquisitions "fits in nicely with the company's strategic plan of income growth in key areas of the marketplace."
The 2,000 s/f building at 1117 Commonwealth Ave. was purchased for $950,000, and is currently being leased by bostonwood.com, a furniture company.
The 1,500-square-foot building at 106 Cambridge, purchased for $2.15 million, is a single-story structure located between Bowdoin and Temple Sts. The building is fully leased to three fast-food restaurant tenants, including a Dunkin' Donuts.