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.”