Two Boston parking garages are poised for change of ownership, including one that could spur a large redevelopment on the edge of Chinatown.
Boston-based Intercontinental Real Estate Corp. has put 125 Lincoln St. on the market and hired Newmark Grubb Knight Frank to sell the mixed-use building located on a 2.7-acre parcel.
And nearby in Chinatown, the Beach Street garage is under agreement, with owner Charles River Realty Investors poised to sell the 8-story, 513-space structure built in 1925.
Both properties contain street-level retail and restaurant space. 125 Lincoln St. includes office space on the top floor.
The property, occupying an entire block in the transforming Leather District, could be suitable for a mixed-use redevelopment, said Matthew Pullen, an executive managing director for NGKF. Current zoning allows up to 223,880 square feet of development on the site.
The property is 100 percent leased and generates net operating income of $2 million. Leases have landlord termination options that would enable a redevelopment to begin as early as 2018, according to marketing materials.
HFF is marketing the Beach Street property as an opportunity to continue generating income as a parking garage. As downtown garages continue to be redeveloped as mixed-use properties, the remaining structures are positioned to increase in value, said Ben Sayles, a director at HFF. The garage generates $2.2 million in annual net operating income, a figure that could increase as Boston’s parking inventory continues to shrink and the downtown population increases.