BOSTON– 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.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Nat Heald, Senior Managing Director Chris Angelone and Associate Zach Nitsche.
“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.
