A development firm that specializes in adaptive reuse projects has acquired the Eastern Bakers Supply Co. property on the outskirts of Boston’s North End for $10.5 million.
The row of five parcels at 133-169 North Washington St. acquired by Boston-based Ad Meliora includes a pair of commercial buildings totaling 25,000 square feet, a small vacant lot and a three-unit residential building.
RMG Realty’s Philip Celeste represented Eastern Bakers, which has owned parts of the site for close to 60 years. Eastern Bakers hired Boston-based RMG Realty nearly two years ago to market the site as it explores its options, Celeste said. Eastern Bakers will remain at the North Washington Street location for the immediate future, he said.
Owned by the Kalustian family, the business got its start selling flour and other baking supplies and expanded into kitchen equipment sales, Celeste said. The commercial buildings on the property are used for inventory and a showroom.
Founded in 2011 by Jan Steenbrugge, Ad Meliora has been active in residential conversions at churches in Boston and the Charlestown Navy Yard.
“We’re looking forward to working with the neighbors and community to build a wonderful project. It’s a prominent location for the city of Boston and we’re excited to play a part in it,” spokesman Ben DiScipio said via email.
RMG Realty’s Matthew Olson represented Eastern Bakers in the transaction, which closed last week.
The nearby West End and Bulfinch Triangle neighborhoods are undergoing rapid transformation with the recent opening of New England’s tallest apartment tower, the 503-unit Avalon North Station; construction of the first phase of Boston Properties’ Hub On Causeway mixed-use development at the TD Garden; and Related Beal’s 484,000-square-foot hotel and workforce housing development on Beverly Street.