Gindis Offload Luxury Retail Hubs in Boston

Brooklyn isn’t the only place the Gindi family is selling retail spots.

The family’s firm, ASG Equities, sold a pair of Boston luxury retail properties for a combined $113.5 million, Commercial Property Executive reported. The buyer was a joint venture of Acadia Realty Trust and Osiris Ventures.

Both properties are on Newbury Street, one of the city’s key shopping hubs. The two-story, 10,000-square-foot property at 4-6 Newbury Street houses Boston’s lone Chanel boutique. The even larger four-story, 19,000-square-foot property at 28 Newbury Street is fully occupied by the only Cartier boutique in all of New England.

A Newmark team including Robert Griffin, Geoffrey Millerd and Paul Penman arranged the sale.

The deal is a positive sign for Boston’s downtown retail market, which appears to be thriving in the face of high demand and low vacancies. At the start of the year, the vacancy rate in the submarket was only 3 percent, according to CBRE, assisted in part by low supply. Furthermore, the brokerage forecasted boutique and luxury expansions in the submarket.

This isn’t the only retail property the Gindis have offloaded. Last year, ASG sold the former Century 21 flagship site at 458 86th Street in the Brooklyn neighborhood of Bay Ridge to a joint venture of MCB Real Estate and Osiris for $47.5 million. The venture is planning a $100 million redevelopment of the 95,000-square-foot site into a grocery-anchored retail hub.

Just last month, meanwhile, Acadia paid $43 million for a single-story, 9,900-square-foot retail building at 225 Worth Avenue in Palm Beach County, Florida. The seller was an entity tied to Miami Beach-based JSB Capital Group, led by Jay Lobell.

The purchase doubled Acadia’s retail holdings in Palm Beach County; the company focuses on open-air retail properties and has $6 billion in assets under management nationwide.

— Holden Walter-Warner