FOR SALE RETAIL CONDOMINIUM WELLESLEY, MA +/- 9,236 SF

Transcription

1 FOR SALE RETAIL CONDOMINIUM WELLESLEY, MA +/- 9,236 SF

2 EXECUTIVE SUMMARY Boston Realty Advisors has been exclusively retained to sell the retail condominium interest at the newly constructed Belclare Wellesley, located in Wellesley, Massachusetts, one of Boston s most affluent suburbs. Belclare Wellesley consists of +/- 9,236 square feet of ground level retail and restaurant space located in the historic Wellesley Square. The Washington Street retail plan consists of +/- 4,461 square feet of space and a +/- 3,091 square foot vented restaurant space, while the Grove Street plan is comprised of +/- 1,684 square feet of at-grade retail space. The vibrancy of Wellesley Square and the highly dense and affluent population creates a synergy that is hard to come by in a suburban setting. 2 BOSTON REALTY ADVISORS

3 BELCLARE WELLESLEY is the town s newest luxury development and a PRIME NEW LOCATION for incoming RETAILERS AND RESTAURANTS due to is location within the heart of WELLESLEY SQUARE. BELCLARE WELLESLEY 3

4 INVESTMENT DRIVERS HIGH BARRIERS-TO-ENTRY Wellesley is one of the most soughtafter, successful and attractive towns in Massachusetts. As such, Wellesley is a mature residential community where new commercial development is severely constrained as the majority of the land is zoned for single-family residential use. AFFLUENT RESIDENTIAL BASE The Wellesley residential real estate market is one of the most impressive in the state. According to MLS, the average sale price of a single family home is upwards of $1,350,935 at an average of $413 per square foot. Residents earn an annual income of $192,655 and have $121,481 worth of disposable income to spend on shopping, dining, fitness etc. STRONG SURROUNDING CO-TENANCY Wellesley is known as a small town but has an extremely vibrant and walkable retail environment. Wellesley attracts strong local and national retailers including the famous Blue Ginger restaurant, Whole Foods, Peet s Coffee, J. McLaughlin, Juniper Restaurant, Cache, CVS, Alta Strada, Dover Saddlery and Miniluxe, to name a few. 4 BOSTON REALTY ADVISORS

5 NEW CONSTRUCTION Completed in 2016, Belclare Wellesley is prominently situated in the center of Wellesley Square and provide frontage on both Washington and Grove Street. Its aesthetically pleasing look paired with the untouched vanilla-shell spaces, black iron venting option and brand new systems, offers prime tenancy opportunities for incoming retailers and restaurants. IDEAL RETAILER MIX POTENTIAL The new construction was built with a strong and diverse retail program in-mind. The design layouts include small stores for local boutiques to a large space vented for a restaurant allowing the new ownership to capitalize on a wide-range of potential tenants. UNPARALLELED ACCESS Wellesley is conveniently located at the confluence of two major interchanges, Route 129/ I-95 at the Mass Pike (I-90) and Route 9. Additionally, commuter rail access is only a short walk away allowing the Belclare Wellesley Retail Shops to draw traffic and employees from a 15-mile radius which includes Downtown Boston. BELCLARE WELLESLEY 5

6 ASSET OVERVIEW Belclare Wellesley was recently completed in 2016 and is home to both residential and retail condominiums in the heart of Wellesley Square. Classic meets contemporary with Belclare s traditional clapboard and limestone architecture with a softer and elegant exterior presence reminiscent of European structures. Belclare Wellesley is separated into three different sections allowing for a wide range of retailers and restaurants to join the bustling Wellesley square streetscape. The designated restaurant space has the ability to have +/- 56 seats on the outdoor patio which bring a lively element to the already existing Wellesley square retail mix. The proximity to I-95 allows for accessibility traveling in and out of the city, and the Wellesley Square commuter rail stop services the area from Boston out to Worcester. FLOOR PLANS WASHINGTON STREET RETAIL PLAN 1,410 SF / 714 SF / 765 SF / 569 SF / 1,003 SF GROVE STREET RETAIL PLAN 774 SF / 910 SF SCALE: 1/8" = 1' - 0" 0' 8' 16' 32' RETAIL R101 RETAIL R101A RETAIL R102 RETAIL R103 RETAIL R SF 714 SF 765 SF 569 SF 1003 SF RETAIL R001 B014B 774 SF RETAIL R001 B014A 910 SF DN UP Wellesley Inn Site Redevelopment, Wellesley, MA June 5, 2015 HRV Development, LLC WASHINGTON STREET RESTAURANT PLAN 3,091 SF SITE PLAN Wellesley Inn Site Development SCALE PROJECT # DA Level 0 - Parking Retail Space 1 1/8" = 1'-0" WASHINGTON STREET RETAIL R SQ. FT. GROVE STREET EXHAUST/ MAKEUP DUCTS 6 BOSTON REALTY ADVISORS Wellesley Inn Site Development SCALE PROJECT # DATE ISSUED PRESENTATION PLAN - RETAIL 2/RESTAURANT 3/32" = 1'-0" PROGRESS

7 GROVE STREET RETAIL WASHINGTON STREET RETAIL WASHINGTON STREET RESTAURANT SPACE BELCLARE WELLESLEY 7

8 LINDEN SQUARE: WASHINGTON STREET AVERAGE DAILY TRAFFIC 17,500 CARS WELLESLEY SQUARE COMMUTER RAIL P CENTRAL STREET AVERAGE DAILY TRAFFIC 14,700 CARS 8 BOSTON REALTY ADVISORS

9 WELLESLEY DEMOGRAPHICS BOSTON 12.5 MILES EAST Population 12,368 2,743 Average Household Income $192,655 Ranked among the highest in the state Number of Families $121,481 CHURCH SQUARE: Average Disposable Income 47% have a graduate/ professional degree Cachet BELCLARE WELLESLEY 9

10 MICHAEL A. D HEMECOURT mdhemecourt@bradvisors.com WHITNEY E. GALLIVAN wgallivan@bradvisors.com JAIME A. RUSSELL jrussell@bradvisors.com CHRISTOPHER J. DONATO cdonato@bradvisors.com 745 Boylston Street Boston, MA (T) (F) BRAdvisors.com Copyright Boston Realty Advisors. All rights reserved. The information contained here has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy. Any information of special interest should be obtained through independent verification. 10 BOSTON REALTY ADVISORS