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A prominent Harvard Square office and retail property traded for $55.1 million in its first change of ownership since 1998.
The 1390 Massachusetts Ave.-6 JFK St. property contains 35,200 square feet of commercial space anchored by a CVS Pharmacy. The new owner is an LLC that shares an address with Delaware Life Insurance Co.
The purchase price equates to more than $1,565 per square foot.
CBRE marketed the 3-story building next to the MBTA’s Harvard station as a “generational investment opportunity” with an opportunity to increase income by leasing 11,000 square feet of vacant third-floor office space. Additional retail tenants include The Harvard Shop, Blank Street Coffee and The Russell House Tavern.
The seller was Waltham-based 1834 Realty Inc. The corporation lists Cambridge Savings Bank executives as officers.
The property is currently assessed at $61.15 million.
Its trade area includes a population of 480,000 living within a 3-mile radius of the property and average household incomes of $165,000, according to CBRE.
The transaction is the latest in a series of big ticket retail trades in high-end shopping districts. Ralph Lauren Co. bought its Back Bay property at 93-95 Newbury St. in early July for $37.8 million, or $2,917 per square foot.
And Apple bought its 815-825 Boylston St. property, anchored by a 17-year-old Apple store, in January for $88 million, or over $5,496 per square foot.
