Boston-based developer Mugar Enterprises and Stadium Auto Body Inc. have acquired nine parcels along Western Avenue in Allston for $13 million.
The 50-50 joint venture is exploring development opportunities for the parcels totaling over 3.6 acres, according to a statement by Mugar Enterprises. Stadium Auto Body at 305 Western Ave. will remain open “for the foreseeable future,” according to the statement.
The properties totaling over 3.6 acres are occupied by a variety of commercial uses including auto body shops, car rental agencies, a Subway franchise and former gas station. The seller was Shodis Realty Trust.
Led by David Mugar since 1982, Mugar Enterprises has developed dozens of commercial properties including the Boston Mandarin Oriental Hotel, Natick Mall, Burlington Woods Office Park and Cape Cod Mall. Mugar is best known for producing the Boston Pops fireworks display on the Fourth of July for the last 43 years. In October, the Boston Symphony agreed to take over the summer tradition.
Allston has attracted recent investment by multifamily developers such as Boston-based Samuels & Assoc., which opened its 325-unit Continuum luxury apartment complex last fall at the nearby corner of Western Avenue and North Harvard Street and recently landed Trader Joe’s as its retail anchor.
This article has been updated with additional information since it was originally posted.