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Boston & New England  + Metro Boston  + Retail  | 
Benderson Development has acquired 340 River Street, a retail asset comprising a Whole Foods Market and adjacent Walgreens in Cambridge, MA, for $26.4 million.

Benderson Development Purchases Whole Foods Market in Cambridge for $26M

Benderson Development has acquired 340 River Street, a 54,226-square-foot retail asset comprising a two-story Whole Foods Market and an adjacent Walgreens in Cambridge, MA, for $26.4 million.

340 River Street’s two-story, 40,800-square-foot Whole Foods Market was custom-built for the grocer in 2001. The adjacent Walgreens occupies a single-story, 13,426-square-foot suite.

Robert Griffin, Geoffrey Millerd, Jon Martin and Paul Penman of Newmark provided capital markets advisory services for seller Acadia Realty Trust, an equity real estate investment trust.

“This is exactly the type of asset currently attracting the most aggressive commercial real estate capital,” said Martin. “The property’s combination of longstanding grocery store tenancy, investment-grade credit, first-class real estate, dense, affluent demographics and future upside potential continues to be highly sought after.”

“High-quality retail assets continue to be very liquid, even as other asset classes have perhaps seen a slowdown in demand,” added Penman. “We expect to see more of these bespoke deal executions in 2023.”


Inside The Story

Newmark's Martin

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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