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Toronto-based private investment firm Hennick Group has acquired the Mandarin Oriental Retail Collection in Boston for $83 million, a ritzy asset located at the base of a luxury hotel and inside the Prudential Center.
“The Mandarin Oriental Retail Collection presented a rare opportunity to own an important piece of a Boston landmark property, and we are delighted to add it to our growing portfolio,” Jory Hennick, managing director of Hennick Group, said in a release.
Situated in Boston’s Back Bay neighbourhood, the approximately 29,000-square-foot Mandarin Oriental Retail Collection sits at the base of the Mandarin Oriental Hotel. It has over 150 feet of retail frontage along Boylston Street anchored by Citizens Bank, according to a release.
Tenants at the property are bedding company Frette and athletic clothing retailer Lululemon, according to a brochure. A number of luxury brand stores neighbour the Mandarin Oriental Retail Collection at Boylston Street, Copley Place and the Prudential Center.
Hennick Group did not disclose the seller of the Mandarin Oriental Retail Collection; Boston-based private equity real estate company Frazer Capital has listed the asset in its portfolio.
RENX has reached out to Hennick Group for comment. We will update this article with any additional information as it becomes available.
Hennick’s real estate strategy
The acquisition is said to complement Hennick Group’s six-storey, 50,000-square-foot office and retail complex in Harvard Square, and to further expand its presence in Boston.
Hennick Group is the largest shareholder in Toronto-headquartered real estate services and investment management company Colliers International Group Inc. and Toronto-based residential property management firm FirstService Corporation.
The transaction for the Mandarin Oriental Retail Collection continues Hennick Group’s strategy of owning “premier assets in world-class locations,” Hennick said, such as Toronto's Hazelton Hotel, the York Mills Centre and St. Regis Hotel.
Hennick Group also holds a retail property investment in Bridge Tower Place Retail, located in New York.
Other than retail, Hennick Group has interests in residential properties. It has a stake in the 60-acre mixed-use development East Harbour and the master-planned community Upper East Village, both in Toronto.
“As a private investor with patient, permanent capital, we remain focused on curating high-quality properties that we can be proud to own for the long-term,” Hennick said.
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