NKF Closes Sale of MA Mixed-Use Asset

By IvyLee Rosario

240 Elm St.

NKF Capital Markets has arranged the sale of 240 Elm St. in Somerville, Mass. The property sold for $39 million. NKF Capital Markets Vice Chairman Geoffrey Millerd, Managing Director Justin Smith, Director Paul Penman and Financial Analyst Christian Brannelly of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the mixed-use retail and office asset. 

240 Elm St. comprises 46,276 square feet and is 100 percent leased to its anchor bfresh, an urban grocery store by Stop & Shop parent company Ahold, and Spaces, an office coworking concept by Regus. The property is situated within Davis Square, a primary retail corridor situated at the intersection of Elm and Chester streets. The asset is within close proximity to several shopping, dining and entertainment destinations, as well as the MBTA Red Line’s Davis station. 

“240 Elm St. benefits from approximately $7 million in recent capital improvements that have transformed the former social security building into a premier mixed-use asset,” Penman said in a prepared statement. “The property also enjoys a dominant position in the heart of Davis Square, a vibrant commercial center in Somerville.”

Earlier this week, NKF Capital Markets arranged the $106.8 million sale of The Atrium, a 302,900-square-foot trophy office tower in Irvine, Calif. Kelemen Co. purchased the Orange County asset from Barings Real Estate.

Image courtesy of NKF Capital Markets