Alexandria Sells Another Boston Property For A Loss
Alexandria Real Estate Equities has unloaded a handful of industrial buildings and the former Coppersmith restaurant in South Boston, the latest in a string of sales for the life sciences giant.
The real estate investment trust sold the properties at 40 W. Third St. and 18 W. Third St. for a combined $13.3M, according to public records. The properties were bought by an entity linked to digital marketing firm Verndale.
Prior to the sale, Alexandria, in partnership with Anchor Line Partners, planned to transform the site into a 210K SF lab complex at 99 A St. Anchor Line had acquired the properties for a combined $31.1M in 2018, the Boston Business Journal reported.
Anchor Line was no longer a partner after selling its stake to Alexandria in 2021, the BBJ reported.
Alexandria declined to comment on the deal, and Vendale didn't respond to Bisnow's request for comment.
This deal is part of Alexandria's strategic plan to sell underperforming assets, which it discussed on its October earnings call.
In February, it sold an Andover office building for $3.9M, down from the $14.3M it bought the property for in 2022.
In December, Alexandria sold two industrial properties on E Street in South Boston that had been previously planned for life science development for $87M, down from the $169M it paid three years prior. The REIT also sold two buildings in Cambridge and Waltham in December for a combined $306M.
