{"id":1004228330,"date":"2018-05-08T05:16:11","date_gmt":"2018-05-08T13:16:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004228330"},"modified":"2022-12-08T22:37:31","modified_gmt":"2022-12-09T06:37:31","slug":"boston-area-citizens-bank-changes-hands-for-4m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boston-area-citizens-bank-changes-hands-for-4m\/","title":{"rendered":"Boston-Area Citizens Bank Changes Hands for $4M"},"content":{"rendered":"<p>By Beata Lorincz<\/p>\n<div id=\"attachment_1004228442\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Citizens-Bank-Brookline-Mass..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004228442\" data-attachment-id=\"1004228442\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/boston-area-citizens-bank-changes-hands-for-4m\/citizens-bank-brookline-mass\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Citizens-Bank-Brookline-Mass.-e1525782650912.jpg\" data-orig-size=\"2000,1500\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;4&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon PowerShot SX40 HS&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1511964964&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;4.3&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.0015625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Citizens Bank Brookline, Mass.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Citizens Bank Brookline, Mass.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Citizens-Bank-Brookline-Mass.-e1525782650912.jpg?w=1024\" class=\"wp-image-1004228442 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Citizens-Bank-Brookline-Mass..jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a><p id=\"caption-attachment-1004228442\" class=\"wp-caption-text\">Citizens Bank Brookline, Mass.<\/p><\/div>\n<p>An affiliate of The Grossman Cos. has sold the Citizens Bank branch building in Brookline, Mass., to Oak Hill Properties LLC. The <a href=\"https:\/\/www.commercialsearch.com\/news\/santander-bank-building-in-cambridge-trades-for-30m\/\">suburban Boston asset traded<\/a> for $4.1 million, representing a 4 percent cap rate on the current rent.<\/p>\n<p>The property is located at 429 Harvard St., on the western outskirts of Boston, in Brookline\u2019s Coolidge Corner. The quarter-acre site includes a 3,000-square-foot building and 14 parking spaces. The asset is part of the Harvard Street retail corridor, which includes numerous dining options, shops, other banks and retail centers.<\/p>\n<p>David Ross, executive vice president &amp; principal in NAI Hunneman\u2019s Investment Sales &amp; Capital Markets Group, represented the buyer. Michael O\u2019Mara, broker at Atlantic Retail Properties, handled the negotiations on behalf of the seller.<\/p>\n<p><em>\u201cWhen we bought the property in 2013 for $2.3 million, we viewed it as part of our long-term \u2018Main Street\u2019 portfolio in well-located affluent communities,\u201d<\/em> said Jake Grossman, co-president of The Grossman Cos., in a prepared statement. <em>\u201cBut our strategy changed as the capital markets heated up, and we realized that we could deploy the capital into other opportunities with more near-term growth potential.\u201d<\/em><\/p>\n<p><em>Image courtesy of The Grossman Cos.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Grossman Cos. bought the property in 2013, for $2.3 million, as part of their Main Street portfolio. The asset is located in Brookline\u2019s Coolidge Corner.<\/p>\n","protected":false},"author":739,"featured_media":1004506726,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21783,21742,10,21749],"tags":[40270,33925,35213],"class_list":["post-1004228330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-investment","category-latest","category-northeast","category-retail","tag-atlantic-retail-properties","tag-citizens-bank","tag-nai-hunneman"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Boston-Area Citizens Bank Changes Hands for $4M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/boston-area-citizens-bank-changes-hands-for-4m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boston-Area Citizens Bank Changes Hands for $4M\" \/>\n<meta property=\"og:description\" content=\"The Grossman Cos. bought the property in 2013, for $2.3 million, as part of their Main Street portfolio. The asset is located in Brookline\u2019s Coolidge Corner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/boston-area-citizens-bank-changes-hands-for-4m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-08T13:16:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:37:31+00:00\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Citizens-Bank-Brookline-Mass..jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/boston-area-citizens-bank-changes-hands-for-4m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/boston-area-citizens-bank-changes-hands-for-4m\\\/\"},\"author\":{\"name\":\"Beata Lorincz\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/23f841021ddf3b38ebc56abefe1d6004\"},\"headline\":\"Boston-Area Citizens Bank Changes Hands for $4M\",\"datePublished\":\"2018-05-08T13:16:11+00:00\",\"dateModified\":\"2022-12-09T06:37:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/boston-area-citizens-bank-changes-hands-for-4m\\\/\"},\"wordCount\":211,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/boston-area-citizens-bank-changes-hands-for-4m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Citizens-Bank-Brookline-Mass..jpg\",\"keywords\":[\"Atlantic Retail Properties\",\"Citizens Bank\",\"NAI Hunneman\"],\"articleSection\":[\"Boston\",\"Deals\",\"Investment\",\"News\",\"Northeast\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/boston-area-citizens-bank-changes-hands-for-4m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/boston-area-citizens-bank-changes-hands-for-4m\\\/\",\"name\":\"Boston-Area Citizens Bank Changes Hands for $4M - 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