Newmark arranges $113.5 million sale of 4-6 and 28 Newbury St. for ASG Equities

Boston, MA Newmark has arranged the $113.5 million sale of 4-6 and 28 Newbury St., two luxury flagship retail properties located in the Back Bay neighborhood of the city. Newmark co-head of U.S. Capital Markets Robert Griffin, vice chairman Geoffrey Millerd and managing director Paul Penman represented the seller, ASG Equities, and procured the buyer, a joint venture between Acadia Realty Trust and Osiris Ventures.

“4-6 and 28 Newbury St. define trophy high street retail,” said Penman. “Custom-designed for Chanel and Cartier, the properties each command an unmatched presence along the first block of Newbury St. – where global luxury retail demand continues to concentrate.”

Located within one of the city’s most historic and prestigious neighborhoods, 4-6 Newbury St. is home to the only flagship Chanel boutique in the city, totaling 10,328 s/f across a two-story retail condominium. A true rarity along the corridor, 28 Newbury St. is a four-story flagship retail offering that spans 18,942 s/f and serves as Cartier’s only New England boutique.

Executive vice chairman and head of international capital markets Alex Foshay and associate Victoria Radman provided support on the transaction, along with senior financial analyst Casey O’Brien and financial analyst Christian Reenstierna.