According to a report by the Boston Business Journal, Apple Inc. has recently purchased its Back Bay store property on Boylston Street for $88 million. This deal is one of the most expensive retail real estate transactions in Massachusetts in recent years, with a cost of over $3,500 per square foot.
The three-story building was previously owned by an affiliate of London’s Tribeca Holdings and was acquired by them for $27.5 million in 2012. It is uncommon for Apple to purchase their store properties as they typically lease them instead.
This high price reflects the value placed on retail real estate in Back Bay, where nearby Newbury Street saw a 10% increase in rental rates last year due to its popularity among tourists. In fact, another mixed-use building on Newbury sold for over $2,300 per square foot last year and now houses one of Google’s first stores in the U.S.
In summary:
-Apple Inc has bought their Back Bay store property at 815 Boylston St.
-The purchase price was reported at $88 million or more than$3,500 per square foot.
-The previous owner was an affiliate of London’s Tribeca Holdings who paid only$27.5millionin2012
-Apple usually leases rather than buys their stores but this acquisition shows how valuable retail real estate is becoming
-Rental rates rose significantly (10%)on nearbyNewburyStreetlastyeardue totouristpopularity
-A similar mixed-use building also located on Newbury soldforover$2300persquarefootandnowhousesoneofGoogle’sfirststoresintheUS
