EDENS, a real estate development company, has recently sold 34-50 Central Street in Wellesley, MA to Taymil Partners. The property consists of three boutique mixed-use buildings and was acquired by EDENS for approximately $21 million in 2006.
The sale was facilitated by Newmark’s Boston Capital Markets Group, with Robert Griffin and Jonathan Martin as co-heads of U.S. capital markets representing EDENS. They successfully procured Taymil as the buyer for the undisclosed sale price. Financing for the transaction was arranged by Newmark’s Debt & Structured Finance Group through Vice Chairman David Douvadjian Sr., Executive Managing Director Timothy O’Donnell, and Senior Managing Director David Douvadjian Jr.
Currently at 73% occupancy rate with tenants such as Lululemon and Faherty apparel brands plus health/fitness retailer Figurella recently opening on site, the total square footage of 34-50 Central Street is 40,860 sq ft.
According to Martin: “Located in downtown Wellesley which boasts high leasing demand and absorption rates resulting in some of the region’s highest leasing spreads and lowest vacancy rates.”
