Athletic retailer Lululemon is planning to buy its own space at 337 Newbury St. in Boston, according to industry insiders.
The Vancouver-based athletic apparel company is expected to pay about $5 million for the two-story Newbury Street asset.
The building is 5,730 square feet, so that would put the purchase price at approximately $872 per square foot.
The property was last purchased by Irish investor Paul O'Sullivan and a partner for $3.95 million in 2010.
One industry executive said it is rare for a retailer to purchase the property it occupies, particularly at such "a high price" per square foot. Most retailers would rather have $5 million of inventory than a $5 million real estate investment, the source said.
"If that's the case, then this is just another validation of how strong Newbury Street is," said Benjamin Sayles, a director with Holliday Fenoglio Fowler. "Retailers and investors have been putting a greater emphasis on either end of Newbury Street, and this just confirms the trend."Â
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