BOSTON – JLL Capital Markets announced that it has closed the sale of Amherst Shopping Center, an 81,702-square-foot shopping center anchored by Big Y Supermarket and CVS in Amherst, Mass.
JLL marketed the property on behalf of the seller. Crosspoint Associates purchased the asset.
Situated on 11.46 acres at 181 University Drive, Amherst Shopping center is the closest grocery and drug store location to both UMASS and Amherst College, which have a combined enrollment of nearly 33,000 students. The center is along University Road at the heavily travelled intersection with
Route 9, which averages about 19,000 vehicles per day. More than 39,000 residents earning an average annual household income of $80,218 live within a three-mile radius of the center. Completed in 1997, Amherst Shopping Center has been renovated throughout the years, including most recently in 2018. In addition to Big Y Supermarket and CVS, the 97%-leased center is home to Dunkin’ Donuts, Goodwill, VIP Nails, Supercuts and Omi Omy.
The JLL Retail Capital Markets team representing the seller was led by Executive Vice President Nat Heald and Managing Director Chris Angelone.
Headquartered in Waltham, Massachusetts, Crosspoint Associates, Inc. has over 2,500,000 square feet of office, industrial and retail real estate under management throughout New England. Established in 1989, Crosspoint Associates, Inc. is a regional real-estate development, investment, and management company.