The Hennick Group is expanding its Boston portfolio, with an $83 million retail acquisition.
Dubbed the Mandarin Oriental Retail Collection, it has been described by Hennick as a "landmark Boston property." The site is located in the shopping mall, the Prudential Center and at the base of the Mandarin Oriental Hotel.
The Retail Collection is anchored by a Citizens Bank and includes more flagship space. Plus, there is 150 feet of retail frontage that spans Boylston Street.
The property will complement Hennick's other asset in Greater Boston, Harvard Square, which features 50,000 square feet of retail and office space, according to the company. Putting everything into consideration, Jory Hennick, managing director of the Toronto-based firm, referred to the opportunity to acquire the Retail Collection as "rare."
"It also aligns with our broader strategy of owning premier assets in world class locations, including Bridge Tower Place Retail in New York and The Hazelton Hotel, Imperial Plaza Retail and York Mills Center in Toronto," he said in a statement.
"As a private investor with patient, permanent capital, we remain focused on curating high-quality properties that we can be proud to own for the long-term.”
JLL served as the broker on the deal.
Outside of retail, Hennick invests in multifamily, hotels and office. Currently, the company's investment portfolio shows 10 properties.
As consumers brace for inflation and deal with economic uncertainty — retail is in a difficult spot overall. A recent report from Marcus & Millichap found that the sector witnessed two straight quarters of negative absorption during the first half. That marks just the second time this has happened this century.
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