300 Needham Street - Newton, MANewton, MA Avison Young has sourced $30 million in first mortgage financing for 300 Needham St., a mixed-use building, on behalf of the sponsor, Nolan Properties Group.
The 300 Needham St. site is a mixed-use retail and self-storage property located in a premier suburb of the Metro Boston market with proximity to major roadways, including Rte. 9 and I-95. The building’s retail tenants include Eastern Mountain Sports, Xfinity, Weight Watchers, Pearle Vision, Chipotle, and the Bagel Place. The remainder of the building houses an EZ Storage self-storage facility.
Michael Buckley, a senior vice-president in Avison Young’s Boston office, represented Nolan Properties, a vertically-integrated real estate development firm focusing on urban infill projects.
The sponsor converted the 300 Needham St. site into the class A property that exists now, completing construction in 2006. Nolan Properties, along with its predecessor companies, has operated since the 1880s and has been invested in the Boston market for more than 40 years.
“The Nolan family has a long history in construction and development, and remains quite proud of our property in Newton and the services it provides to the community,” said John Nolan, principal of Nolan Properties. “During this particular financing process, we found that Mike’s 20 years of transaction experience as a principal investor, and the true advisory role that he took throughout the process, delivered exceptional results. Mike and his team were right there with us throughout, thinking and acting as an owner, and their contributions extended well beyond simply making a market on the financing. That is an approach that truly made a difference.”
The Shops at 300 Needham St. is situated at the gateway to the Needham St. retail corridor, which is located in one of the most affluent and densely populated suburban demographics in the Boston market.
“The 300 Needham St. site is an ideal location for tenants seeking to provide services and dining alternatives to nearby employment nodes and local residential communities with extraordinary levels of disposable income,” said Buckley. “We ended up with an excellent result, which speaks to the strength of the project – and the exceptional track record of its owners.”
“Avison Young provides full-service real estate solutions to its clients worldwide, and the specific experience that our team in Boston has in raising capital makes Avison Young a real differentiator for our New England and national client base,” said Michael Smith, principal and managing director at Avison Young.
Avison Young is one of the world’s fastest-growing commercial real estate services firms. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multifamily properties.