September 12, 2018
NKF Capital Markets completed the sale of 240 Elm Street in Somerville, MA, a Boston suburb, for $39 million. The mixed-use property totals 46,276 square feet, and is 100% leased to a tenant roster anchored by bfresh, an urban grocery concept by Stop & Shop parent company Ahold, and Spaces, a modern office sharing concept by global flexible workspace provider Regus.
NKF’s Geoffrey Millerd, Justin Smith, Paul Penman and Christian Brannelly oversaw the transaction of the retail/office asset. The buyer and seller were undisclosed for the asset located on Davis Square’s primary retail corridor at Elm Street and Chester Street.
Penman says, “240 Elm Street benefits from approximately $7 million in recent capital improvements that have transformed the former social security building into a premier mixed-use asset. The property also enjoys a dominant position in the heart of Davis Square, a vibrant commercial center in Somerville.”
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