SPRINGFIELD, Mass. — Two newly constructed retail anchor buildings at Springfield Crossing have sold for $35.3 million, marking a major transaction at the open-air shopping center redeveloped from the former Eastfield Mall.
The 159,344-square-foot property is leased to BJ’s Wholesale Club and Hobby Lobby, two national retailers that anchor Springfield Crossing along Boston Road, one of Western Massachusetts’ busiest commercial corridors.
Atlantic Capital Partners exclusively represented the seller and procured the buyer. The transaction was led by Justin Smith, head of Capital Markets; Chris Peterson, executive vice president; Danielle Turpin, senior associate; Matt Ericson, associate; and Matt Austin, senior analyst.
“This transaction represents a rare opportunity to acquire a newly developed, institutional-quality retail asset with long-term cash-flow stability and strong credit tenancy,” Smith said. “The execution of leases with high-profile tenancy before the completion of construction underscores the strength of the Boston Road retail corridor and national tenants looking to establish a presence in Western Massachusetts.”
The BJ’s and Hobby Lobby buildings are part of the larger Springfield Crossing development, which totals 228,756 square feet and is 99% leased or committed. Other tenants include PetSmart, La-Z-Boy, Chick-fil-A, Chipotle, Chase Bank, Skechers and Carter’s.
The development represents a $147 million redevelopment of the former Eastfield Mall, transforming the longtime enclosed shopping center site into an open-air retail destination. The project combines national retailers with dining and daily-needs businesses and is designed to serve the broader region, which has more than 600,000 residents.
The redevelopment also introduces what Atlantic Capital Partners described as the Springfield market’s first true open-air power center format, positioning the property as a major retail destination along Boston Road.
“Transforming this site into a premier open-air shopping center required strong leasing execution,” said Ericson. “The tenant mix across the development has established Springfield Crossing as the primary retail hub for the submarket.”
The sale of the two anchor spaces also points to investor interest in newly constructed retail properties occupied by nationally recognized tenants, according to Atlantic Capital Partners.
