Local investor purchases suburban Boston retail center for $39.5M
JLL Capital Markets arranged the sale of the Stop & Shop-anchored Saugus Plaza to Massachusetts-based The Grossman Companies and North Colony Asset Management
BOSTON, Jan. 20, 2022 – JLL Capital Markets announced that it has closed the $39.5 million sale of Saugus Plaza, a 165,800-square-foot neighborhood shopping center anchored by Stop & Shop Supermarket and Floor & Décor in the close-in Boston suburb of Saugus, Massachusetts.
JLL represented the seller, Federal Realty Investment Trust. The Grossman Companies, Inc., and Boston-based North Colony Asset Management acquired the asset.
Stop & Shop, New England’s largest grocer, has called Saugus Plaza home for more than 40 years. The 97-percent-leased center’s diverse tenant mix also includes Floor & Décor, Buffalo Wild Wings, North Shore Liquor and King Crab.
Located in a core location approximately eight miles from downtown Boston, Saugus Plaza is positioned on 16.58 acres at 180 Main St. along the high-traffic Route 1, the primary retail and commuter corridor that sees more than 110,000 vehicles per day. It is adjacent to the Simon-owned Square One Mall and in a growing area with more than 1,157 multi-housing units being developed.
“We are very pleased to have been involved in the sale of Saugus Plaza,” Heald said. “Investor demand for grocery anchored properties in metro Boston far outstrips supply, and we saw competitive bidding from the full spectrum of investor-types, including REITs, funds and private groups.”
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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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.
Federal Realty Investment Trust
Federal Realty Investment Trust (NYSE: FRT) is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California; Pike & Rose in North Bethesda, Maryland; and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 106 properties include approximately 3,100 tenants, in 25 million square feet and approximately 3,200 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 54 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit federalrealty.com.
About The Grossman Companies, Inc.
Headquartered in Quincy, Massachusetts, The Grossman Companies is a family-owned real estate firm with local roots dating back over 120 years. The firm’s services span acquisitions, private lending, property management and brokerage.
About North Colony Asset Management
North Colony Asset Management, LLC is a privately held real estate investment firm, headquartered in Boston, Massachusetts. North Colony provides clients opportunities to invest in real assets throughout New England with a focus on the greater Boston market.