Jamaica Plain, MA Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of 25,349 s/f of ground floor retail in Vita, a newly constructed condominium and retail development. The $15,886,711 sales price equates to $626.72 per s/f.
“This was a rare opportunity to acquire a newly constructed, retail development occupied by a secure list of tenants generating durable income in one of Boston’s most desirable communities,” said James Koury, IPA senior managing director. Koury represented the seller, J.P. Property One LLC, and procured the buyer.
Located 4.5 miles from Boston’s financial district, Vita is a short walk from the MBTA’s Green St. and Forest Hills commuter rail stations. The property is fully occupied by Beth Israel Hospital, Pure Dental, Third Cliff Bakery, The Cooperative Bank and Planet Fitness.