A Boston commercial real estate developer has completed the $16.5 million acquisition of the landmark South Boston bar and restaurant Amrheins.

GFI Partners has developed a wide array of commercial properties throughout Massachusetts, including holdings at the Devens industrial park and a planned 21-story residential tower on the edge of the Theater District.

The property located a block from the MBTA’s Broadway station was reportedly placed under agreement by Boston-based City Point Capital in January for $18 million, but restaurant representatives said at the time it had an agreement with the new owners to remain open for a period of time while development plans were being crafted.

GFI Partners was not immediately available for comment on the property’s future, and an Amrheins employee said no managers were available.

The oldest bar in South Boston still in operation, Amrheins is a longtime haven for political fundraisers and gathering spot for local elected officials. Skyrocketing real estate values in the neighborhood have made the property and surrounding parcels a desirable target for redevelopment.