New Balance Chief Jim Davis Divesting
65,000-SF Building
May 27, 2011
ALLSTON — A non-descript commercial
property owned by New Balance Shoe
Co. founder James Davis is being
acquired by a group of local investors, an
advisor for the buyers has confirmed.
Steven E. Goodman of GFI Investments
says 52 Everett St. is on track to trade
later this summer, reportedly for an
estimated $1.5 million. Being offered
through CBRE/New England’s Private
Client Group, the three-story, 65,000-sf
structure is near the intersection of Everett
and North Beacon Streets and New Balance’s former headquarters, an operation which has
been relocated several blocks west on Guest Street in Brighton.
“It is under agreement,” acknowledges Goodman, who is assisting the suitors along with
another advisor, Demetrios Dasco. Goodman declined to provide details on pricing or identify
his clients, and explains that an ultimate use for the property is still being formulated. Calls to
CBRE/NE’s Private Client Group were not returned by press deadline. The investment sales
team handling the listing consists of CBRE/NE principals Patrick Cavanagh, David Corkery
and Gary Lemire.
Goodman and Dasco are experienced CRE players active across Massachusetts. Constructed
in 1899 and renovated in 1993, 52 Everett St. was acquired in 1994 for $880,000 by D.R.S.
Nominee Trust. The asset is on the northern side of the Massachusetts Turnpike Extension and
abuts a recently constructed retail plaza anchored by a Stop & Shop Supermarket. “We’re
excited about it,” says Goodman of the pending purchase, noting city officials are launching a
master planning process aiming to upgrade the surrounding district.
CBRE/NE’s Private Client Group has already harvested one Allston property this year, a
47,000-sf warehouse at 60 Brainerd Rd. that fetched $3.25 million and is being converted to a
residential use by the Mount Vernon Co. The Private Client Group is presently listing multiple
properties throughout metropolitan Boston.