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A $13M Garage Sale Held in Charlestown

Image courtesy of Colliers

A 297-space parking garage at the entrance to the Charlestown Navy Yard sold for the first time in 20 years to a joint venture.

Clearwater, Florida-based Sunrise Capital Investors & Parking Advisors of Chicago acquired the Nautica Parking Garage at 88 Constitution Road for $12.85 million from Newton-based National Development.

The property previously traded for $3.6 million in 2006, according to a Suffolk County deed.

Colliers’ Frank Petz, Matthew Sherry, Rob Schlesinger, Daniel Hincks and Joe Gaziano represented the seller.

Colliers’ marketing process targeted local and national parking investors and attracted multiple rounds of bidding, according to the brokerage.

Parking Advisors manages over $2.5 billion in parking properties for institutional clients.

Commercial & Industrial