Grocery-anchored retail center in suburban Boston sells for $44.25M
JLL Capital Markets arranges the sale of the property anchored by Stop & Shop, the dominant grocer in the state
BOSTON, Jan. 26, 2022 – JLL Capital Markets announced that it has closed the $44.2 million sale of Stop & Shop Plaza, a 173,798-square-foot neighborhood shopping center anchored by a high-volume Stop & Shop in the suburban Boston community of Braintree, Massachusetts.
JLL represented the seller. Sterling Organization acquired the asset.
Stop & Shop Plaza is anchored by Stop & Shop, which is the most visited grocery store within 4.5 miles. The retail center is also home to a diverse and complementary lineup of national and local tenants, including CVS Pharmacy, Town Fair Tire, The Paper Store, and Crunch Fitness.
Situated on 18.76 acres at 238-310 Grove St., Stop & Shop Plaza is in a close-in suburb 12 miles from downtown Boston. The center is easily accessible via three major highways, Interstates 95 (Route 128) and 93 and Route 3 and in an area with enormous barriers to entry to new development. The center serves a dense trade area that includes 210,000 residents with an average annual household income of more than $100,000. Stop & Shop is the dominant grocery operator in Massachusetts, with its corporate headquarters located just five miles from the property.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Nat Heald, Senior Managing Director Chris Angelone and Associate Zach Nitsche.
“Stop & Shop Plaza is one of the strongest grocery-anchored centers in Boston’s southern suburbs,” Heald said. “We appreciate the opportunity to work with both buyer and seller in this competitive process.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm whose national platform, through two platform subsidiaries Sterling Retail Properties and Sterling Logistics Properties, is focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets across the risk spectrum in major markets within the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. Sterling Organization, with offices across the nation, is headquartered in West Palm Beach, Florida.