JLL represents seller on $19M sale of single-tenant retail center in Shrewsbury
The Worcester-area property is triple net leased to Price Chopper
BOSTON, July 9, 2019 – JLL announces that it has closed the $19 million sale of a 64,227-square-foot, freestanding, single-tenant retail center fully leased to Price Chopper in the Worcester-area community of Shrewsbury, Massachusetts.
JLL marketed the property on behalf of the seller, an entity represented by Nigro Companies, a multi-faceted commercial real estate development and management company with properties throughout upstate New York and Massachusetts. Coventry Crossing, LLC purchased the asset.
Completed in 2010, the property is triple net leased to Price Chopper, a family-owned grocery chain that operates mainly in New York, Vermont, Connecticut, Pennsylvania, Massachusetts and New Hampshire. The property is situated on 10.79 acres at 733 Boston Turnpike in Shrewsbury, which is in Eastern Massachusetts between Worcester, the second largest city in New England, and the Route 495 Corridor More than 133,000 residents earning an average annual household income of about $99,000 live within a three-mile radius of the center.
The JLL Capital Markets team representing the seller included senior managing director James Koury and director Kellie Coveney. Coventry Crossing, LLC was represented by David N. Ross of Hunneman.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Hunneman Headquartered in Boston, Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. To learn more about Hunneman, please visit www.hunnemanre.com.