Samuels & Associates Completes $10M Purchase
By Joe Clements
BOSTON-An automotive service center, that has been a fixture in the city?s Fenway District since the 1970s, has been sold to an affiliate of local developer Samuels & Associates. The buyer paid just under $10 million for 1345 Boylston St. to its owner/operator, Goodyear Tire & Rubber Co., which signed a short-term leaseback of the property.
The purchase of the Fenway building, apparently, has been in the works for some time, with Samuels & Associates forming 1345 Boylston St. LLC, more than two years ago, before then changing the name to Fenway Enterprises 1345 Boylston St. LLC, in late 2007, which acquired the asset. Calls to Goodyear in Akron, OH, and to Samuels & Associates principal Steven Samuels at his Newbury St. headquarters in Boston were not returned by press deadline.
The $9.9 million paid for 1345 Boylston St. was more than twice what the $4.4 million that Goodyear?s 30,000-sf property is valued at by the Boston Assessing Department. If history is any guide, Samuels is likely eyeing the parcel for development, having already undertaken two major commercial projects in the immediate vicinity. Samuels and partner Boylston Properties built the 576-unit Trilogy Apartments mere blocks from 1345 Boylston St., and Samuels is constructing another high-rise across the street at 1330 Boylston St. That project includes 450,000 sf of space that combines office, residential and retail with three levels of underground parking.
All of the activity is within a few blocks of Fenway Park, home to the Boston Red Sox for close to 100 years. After a concept to erect another ballpark next door fizzled when the team?s new ownership opted to preserve the revered stadium, a revitalization of the area slated for demolition has been underway for much of the decade. The Fenway now features a growing strip of restaurants and retail, a multiplex cinema and the two apartment developments. Meanwhile, Trilogy Partners' partner, Boylston Properties, is building a six-story life sciences facility to take advantage of the Fenway?s location next to the Longwood Medical Area. Boylston Properties paid $8.7 million for the site at 121 Brookline Ave. where the building will be constructed, as reported by GlobeSt.com.