BOSTON – JLL Capital Markets announced that is has completed the $19.25 million sale of a 35,907-square-foot, single-tenant retail building occupied by Whole Foods Market in the coastal Boston-area community of Swampscott, Massachusetts.
JLL marketed the property on behalf of the seller, Regency Centers, and procured the buyer, locally based Academy Hill Realty.
Whole Foods, the world’s leading natural and organic foods retailer, has occupied the building for more than 15 years. Situated on 4.89 acres at 331 Paradise Road, the property is on Route 1A in Swampscott, an affluent coastal community 13 miles north of Boston. The building is surrounded by more than 787 multi-housing units within 0.75 miles, and there are 77,731 households earning an average annual household income of nearly $94,000 within a three-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Retail Group Leader Chris Angelone, Managing Director Nat Heald and Senior Director Eric Suffoletto.
“Given that the opportunity combined one of the best-in-class and most highly sought-after tenants – Whole Foods – with a prime, high barriers-to-entry location in suburban Boston, it was a very competitive marketing process,” Heald said.
“Despite COVID headwinds, in many instances, we have seen increased demand and stronger pricing for premium, food-anchored and single-tenant properties then we did pre-COVID,” Angelone added.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.