BOSTON–JLL’s Retail Capital Markets team announced the sale of Hannaford Supermarket in Waltham, MA, for $18.2 million to an affiliate of The Grossman Companies.
As stated by JLL Executive Vice President, Nat Heald: “We were very pleased to be part of this unique sale. Phillips Edison and The Grossman Companies recognized an opportunity to accomplish their respective goals through this opportunistic transaction and the deal closed quickly and smoothly. We could not have found more professional partners to transact with.”
“Hannaford Plaza is a high-quality asset. After careful evaluation of the unsolicited offer from the Grossman family, we determined the transaction supported our strategic business plan. Both JLL and the Grossman’s were a pleasure to work with in what was a very smooth transaction,” said David Wik, Senior Vice President, Acquisitions and Dispositions at Phillips Edison.
Hannaford Supermarket is a 45,882-square-foot building located in on Main Street, Waltham’s heavily trafficked retail core. The property is situated in the midst of a densely populated urban neighborhood, surrounded by restaurants and national retailers and benefits from significant pedestrian and automobile traffic. The area surrounding the property is extremely well-positioned to benefit from Boston’s relentless growth as office, lab and multi-family developers continue to target opportunities in the city of Waltham.
Jake Grossman, Co-President of The Grossman Companies added that they “are excited to add this excellent property to our portfolio of long-term investments which includes other retail property in Medford, Brookline, Cambridge, Wellesley, Newton, Hingham, Lexington and Needham.”
Executive Vice President Nat Heald and Managing Director Chris Angelone led the JLL team on the transaction. Brookline Bank provided financing to the Buyer.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2018 alone, the firm’s 2,400 Capital Markets specialists completed $179 billion in investment sale and debt and equity transactions globally.