BOSTON – On behalf of affiliates of New York-based owners Mark Holdings LLC and Earle W. Kazis Associates, JLL’s Retail Capital Markets team announced the sale of River City Shopping Center for $19.25 million.
River City Shopping Center is a 131,000-square-foot shopping center located in Waltham along the Charles River on River Street, which links Waltham to Watertown, Boston and Cambridge.
According to JLL Executive Vice President, Nat Heald: “River City Shopping Center offered investors an extremely rare chance to purchase a well positioned shopping center with a strong tenant base and potential long-term opportunity for repositioning. The affiliates of Mark Holdings and Kazis Associates have a long history with the property, having developed it in the ‘60s and successfully operated it for over 50 years. We were very pleased to assist them in identifying the property’s next long-term owner.”
David Schore, President of Mark Holdings, added, “The strength of this location and the optionality of a long-term redevelopment to mixed-use attracted a strong field of diverse bidders demonstrating the depth and liquidity of the real estate capital markets today for compelling assets.”
River City Shopping Center is located within an 11-acre site and anchored by Shaw’s Supermarket and Ocean State Job Lot. Other notable tenants include Sprint, Subway, Sally Beauty and Payless ShoeSource. The shopping center is located less than three miles from the intersection of the Mass Pike and I-95, with easy access to Boston, Cambridge, Waltham, and Burlington. Additionally, the MBTA Commuter Rail at Waltham Station and MBTA Express 556 and 558 bus stops are within walking distance of the property, providing direct access to Downtown Boston in less than 25 minutes.
Executive Vice President Nat Heald and Managing Director Chris Angelone led the JLL team on the transaction, along with Vice President Jessica Dowd and Associate Scott Carpenter.
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 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.