Boston– NGKF Capital Markets has completed the sale of Brookside Shops in the Metropolitan Boston suburb of Acton, MA, to Clarion Partners for $33.5 million. Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christopher Peterson of the NGKF Capital Markets Boston team, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the grocery-anchored lifestyle center on behalf of TH Real Estate (a division of TIAA Global Asset Management).
“We purchased the property in 2006 and have maintained very strong occupancy with the goal of providing stable and consistent cash flow with an excellent return profile. The best-in-class tenancy and compelling location added downside protection,” said Todd Rollins, senior director of TH Real Estate.
Totaling 75,781 square feet, Brookside Shops is presently 100 percent leased to a high-performing national tenant roster. The property is anchored by major national grocer Trader Joe’s and complemented by a synergistic mix of luxury lifestyle tenants.
“The presence of Trader Joe’s, which generates consistent daily traffic and draws shoppers from a wide distance, and significant concentration of premier lifestyle retailers in an area that has a notable lack of fashion-based shopping options combines to create a truly vibrant asset,” said NGKF’s Millerd.
With a “High Street” tenant roster that is only replicated by traditional mall formats, Brookside Shops offers an unmatched shopping experience in an underserved trade area.
“Since opening in 2002, Brookside Shops has proven to be one of the most prolific shopping destinations in the submarket,” said NGKF’s Smith. “A clear testament to the asset’s strength is the permanence of its retailers, with 90 percent of the property’s total square footage being occupied by tenants that have been at the center since its original construction.”
This prime retail location, which services one of the most affluent trade areas in Metropolitan Boston, boasts a three-mile population count of 28,400 people with an average household income of $172,900.