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JLL Arranges $40M Sale of Stop & Shop-Anchored Saugus Retail Center
JLL has closed the $39.5-million sale of Saugus Plaza, a 165,800-square-foot neighborhood shopping center anchored by Stop & Shop Supermarket in the Boston suburb of Saugus, MA. The 97% leased center’s tenant mix also includes Floor & Décor, Buffalo Wild Wings, North Shore Liquor and King Crab.
JLL’s Nat Heald, Chris Angelone and Zach Nitsche represented the seller, Federal Realty Investment Trust. The Grossman Companies, Inc., and Boston-based North Colony Asset Management acquired the asset.
“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,” said Heald.
Saugus Plaza is eight miles from Boston and sees more than 110,000 vehicles per day at its 16-6-acre site on Main Street. It is adjacent to Square One Mall in an area with more than 1,157 multi-housing units in development.
- ◦Sale/Acquisition
