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A Back Bay retail and office building anchored by Stephanie Saunders Art Gallery has sold for $10 million in its first change of ownership in nearly half a century.
Boston-based ANAS LLC acquired 164 Newbury St. from Richard-Joseph Inc., which had paid $145,000 for the property in 1974.
The latest transaction equates to a sales price of $1,550 per square foot and a 4.6 percent cap rate.
The recently renovated building contains six retail spaces including two that are leased to salons, along with office space and six parking spaces.
Marcus & Millichap’s First Vice President Evan Griffith and Senior Associate Tony Pepdjonovic represented the seller and procured the buyer.
“The proximity to Copley Place and the Prudential Center make this asset irreplaceable,” Pepdjonovic said in a statement. “With the completion of the new Four Seasons around the corner and re-development of Back Bay Station, this submarket will continue to see strong future appreciation.”
