Intercontinental Sells Office/Retail Building

Continuing to trade assets acquired in previous investment funds, the Intercontinental Cos. has sold 358 Chestnut Hill Ave. in the Brighton section here. The 12,000-sf retail/office building sold to 358 Chestnut Hill LLC for $1.54 million.

Todd Glaskin and J.C. Nachtwey of Brookline’s Coldwell Banker Hunneman represented the buyer in the deal, while Gilbert Dailey of Cushman & Wakefield acted on behalf of the sellers, a Brighton-based development, management and construction company.

Nachtwey cited the proximity to Brookline and the Cleveland Circle retail strip as leading draws for the property, which is anchored by a Blockbuster Video and features 30 on-site parking spaces.

“The location of this property–steps to [the MBTA subway line], Brookline and Boston College–combined with a strong retail anchor tenant, made it highly desirable in today’s market,” says Glaskin.

Intercontinental has been among Boston’s most prolific investment companies, having raised five private opportunity funds during the past several years. Along with 358 Chestnut Hill Ave., the company recently sold One Bulfinch Place in Boston for $18.7 million, and has also recently divested 184 High St. and 125 Lincoln St., also in Downtown Boston.