Commercial Portfolio
Boston Property Development began purchasing mixed use and commercial property in 2005. With inventory and days on market of condominiums for sale in Greater Boston on a steady rise, BPD decided to diversify into the commercial real estate arena. Since 2005, BPD has acquired, renovated, and rented over 30 commercial retail units.
Washington Street, Jamaica Plain, Boston
In August 2009, BPD purchased a 7,000 s.f. commercial building on a 17,000 s.f. lot in the Jamaica Plain neighborhood of Boston, MA. Half of the building is rented and the other half is currently under letter of intent, subject to certain neighborhood approvals. Additionally, BPD is in discussions with neighborhood groups and assessing alternative commercial uses to serve the needs of the surrounding area. BPD is also working with the City of Boston Main Streets Program to improve the aesthetic appeal of the building and parcel of land. In August of 2011, BPD entered into a lease with Family Dollar stores to construct a 9,000 s.f. building on the property.
Hancock Street, Dorchester, MA
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In December of 2007, BPD purchased a 5 unit commercial building located on a 15,000 square foot lot that has excellent expansion potential. An addition has been made to the retail stores, all new glass store fronts have been framed and installed and the units have been completely renovated and re-leased. The City of Boston's Main Streets program provided funding for much of the exterior rehabilitation.
West Broadway, South Boston, MA
In November of 2006, BPD purchased a 10,000 s.f. 6-unit (4 residential, 2 retail), 18 parking space building in South Boston at auction. Significant exterior and interior repairs have been made to the building including new exterior siding, a new roof and a completely rehabbed retail store. The rent roll of the building has been tripled since its acquisition.
Commercial Street, Braintree, MA
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In November 2006, BPD purchased a 6,600 s.f., 8-unit commercial building in Braintree, MA. The building is ideally situated in a very high traffic area and has two large billboards on its roof. Renovations to this building included: reframing of glass store front design, a new roof, all new utilities, bathrooms, walls, flooring, ceiling and lighting.