A significant mixed-use property in the center of Lexington, Massachusetts, has been sold for $4.09 million. The 31,000-square-foot asset, located at 1792 Massachusetts Avenue, was purchased by Lexington Plaza LLC, an investment firm based in the Boston area.
The sale was managed by the real estate firm Colliers, which represented the seller, Viano Realty Trust. The transaction highlights continued investor interest in versatile suburban commercial properties, particularly in sought-after communities like Lexington.
Key Takeaways
- Property Sold: A 31,000-square-foot mixed-use building at 1792 Massachusetts Avenue in Lexington Center.
- Sale Price: The asset was acquired for $4.09 million.
- Key Players: The buyer is Lexington Plaza LLC, the seller was Viano Realty Trust, and the deal was brokered by Colliers.
- Market Indicator: The sale, which attracted multiple competitive bids, signals strong demand for suburban mixed-use real estate with long-term growth potential.
Details of the High-Profile Transaction
The sale of the property at 1792 Massachusetts Avenue was finalized after a competitive marketing process that generated significant interest from multiple investors. According to Colliers, the process resulted in several offers, many of which surpassed the initial pricing guidance for the asset.
Lexington Plaza LLC, a local investment group, emerged as the successful buyer. The seller, Viano Realty Trust, was represented by Kendin Carr, a Vice President at Colliers who managed the transaction. The final sale price of $4.09 million reflects the property's prime location and diverse income streams.
"This was a complex and high-profile asset, and we’re proud to have delivered a result that surpassed our client’s goals," stated Kendin Carr of Colliers.
A Closer Look at the Property
The building is a substantial portfolio asset in Lexington's commercial core. Spanning approximately 31,000 square feet, it offers a diverse mix of uses that contribute to its investment appeal. The property includes a combination of street-level retail spaces, professional offices on upper floors, and several residential units.
A unique feature of the portfolio is the inclusion of a historic movie theater, which adds a cultural and community element to the property. This diverse tenant mix provides a stable and varied source of revenue, which is often attractive to long-term investors.
Property Snapshot
- Location: 1792 Massachusetts Avenue, Lexington, MA
- Size: Approx. 31,000 square feet
- Asset Mix: Retail, Office, Residential, Historic Theater
- Sale Price: $4,090,000
Strategic Location and Connectivity
The property's location is a key driver of its value. Situated directly on Massachusetts Avenue, it is at the center of Lexington's walkable downtown area. This position gives tenants and visitors easy access to local shops, restaurants, and services.
Furthermore, the location offers excellent transportation links. It provides direct access to the Minuteman Commuter Bikeway, a popular recreational and commuter path. For vehicle transit, the property is minutes from major highways, including Route 2 and I-95. This connectivity makes it convenient to reach key economic hubs like Kendall Square, Downtown Boston, and other technology and innovation corridors in the region.
Investor Confidence in Suburban Markets
The successful sale of 1792 Massachusetts Avenue underscores a broader trend in commercial real estate: strong and sustained investor demand for well-located suburban assets. According to market experts, properties in communities with high barriers to entry, like Lexington, are particularly desirable.
What Are "High Barriers to Entry"?
In real estate, "high barriers to entry" refers to conditions that make it difficult for new properties to be built, thus limiting competition. This can be due to strict zoning regulations, a lack of available land, or a lengthy and expensive development approval process. These barriers often lead to higher property values and more stable rental income for existing assets.
Kendin Carr of Colliers commented on this dynamic, noting the continued strength of the market for this asset class.
"Investor demand for well-located suburban mixed-use assets remains strong, especially in communities like Lexington with high barriers to entry and long-term growth drivers," Carr explained.
The competitive bidding for the Lexington property confirms that investors are willing to pay a premium for assets that offer stability and the potential for future appreciation. The combination of a strong tenant base, a prime location, and limited new supply creates a compelling investment case.
The Enduring Appeal of Lexington Center
Lexington continues to be a top-tier destination for both commercial tenants and real estate investors. The town boasts strong demographic fundamentals, including high average household incomes and a well-educated population. This creates a reliable customer base for retail businesses and a desirable environment for residents.
The town center's walkability and vibrant mix of businesses make it a dynamic commercial hub. The combination of historic charm and modern amenities has solidified its reputation as one of the most attractive suburban downtowns in the Greater Boston area. The sale of this prominent property is seen as a vote of confidence in the long-term economic health and vitality of Lexington Center.
