Banker & Tradesman | By Steve Adams
February 14, 2017
Two Boston parking garages are poised for change of ownership, including one that could spur a large redevelopment on the edge of Chinatown.
Boston-based Intercontinental Real Estate Corp. has put 125 Lincoln St. on the market and hired Newmark Grubb Knight Frank to sell the mixed-use building located on a 2.7-acre parcel.
And nearby in Chinatown, the Beach Street garage is under agreement, with owner Charles River Realty Investors poised to sell the 8-story, 513-space structure built in 1925.
Both properties contain street-level retail and restaurant space. 125 Lincoln St. includes office space on the top floor.
The property, occupying an entire block in the transforming Leather District, could be suitable for a mixed-use redevelopment, said Matthew Pullen, an executive managing director for NGKF. Current zoning allows up to 223,880 square feet of development on the site.