Business

ASB buys four Back Bay retail properties for $91.2m

Photo courtesy of ASB Real Estate Investments.
Photo courtesy of ASB Real Estate Investments.Credit:

ASB Real Estate Investments said Monday that it has bought four retail buildings in Boston’s Back Bay neighborhood for $91.2 million.

The buildings are 333-335 Newbury St., 342 Newbury St., 352 Newbury St., and 801 Boylston St. Retail tenants include Ralph Lauren, Fidelity Brokerage, and Puma. The buildings are 100 percent leased and collectively make up more than 51,000 square feet of space, the firm said. ASB said it made the purchase as part of a joint venture with Blatteis & Schnur, a Los Angeles-based real estate firm. The identity of the seller was not disclosed in ASB’s press release.

Headquartered in Washington, D.C., ASB specializes in properties leased by upscale retailers. Over the past 12 months, the company said it has acquired about $600 million worth of high end retail properties in shopping districts in New York City, Chicago, Miami, and Denver.

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In a statement, Jim Darcey, managing director of ASB Real Estate Investments, said: “These Boston acquisitions provide our investor clients with high quality properties centered in the market’s premier shopping area where demand for space from high-profile luxury and millennial-oriented retail tenants outstrips supply. We see the Back Bay becoming even more popular and attractive as more people seek out the convenience of a 24-hour urban lifestyle and the city increases its tourist traffic.”

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