The $33.15 million price tag for an unassuming commercial building on John F. Kennedy Street speaks to the strength of urban retail and mixed-use properties — and the value of a Harvard Square location.
The sale puts a $1,511-per-square-foot price on the four-story, 20,570-square-foot retail and office building at 39 JFK St.
"In the Boston market, I think you would be hard-pressed to find anything close to that," said Michael d'Hemecourt, president of Boston Realty Advisors, which brokered the sale. "From a pricing perspective, we beat out the Apple store … and the Banana Republic store on Newbury Street."
The Apple building on Boston's Boylston Street traded for $1,221 per square foot in December, while the Banana Republic store building at 28 Newbury St. sold for $1,404 per square foot in December.
"Pricing for urban retail and mixed-use assets at the end of last year and this year is incredibly strong and, quite frankly, stronger than it was in the froth of the 2007 market," d'Hemecourt said. "You have everybody chasing core assets right now."
The JFK Street property was purchased by a Newton company backed by Newton resident Gerald Chan, CEO and chairman of Morningside Group, a private equity and venture capital firm. Chan also is a board member of Hang Lung Group, which is led by his brother and one of the largest real estate companies listed on the Hong Kong Stock Exchange.
"They were just aggressive with Harvard Square and liked the asset," d'Hemecourt said. "It shows the strength of the market. It's a fairly small market and assets rarely become available. So when they do, you tend to almost always see record pricing."
Kaplan Test Prep, American Express, CVS, Leo's Place Diner and Whitney's Cafe are the tenants in the fully occupied building.
The sellers were Bruce and Ellen Roy Herzfelder, who purchased the building for $25.75 million in 2008. He ran an unsuccessful campaign for state treasurer in 2002 and cofounded VetCor, a Hingham-based chain of veterinary hospitals. She was state secretary of environmental affairs under Gov. Mitt Romney.
Chan-backed companies also purchased the retail and apartment building at 18-28 JFK St. for $31.7 million in December and two other Harvard Square apartment buildings.
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