TA Realty Acquires 9 Grocery-Anchored Shopping Centers In Boston, Providence Areas For $390M
The seller, Gravestar, has owned the portfolio since 1994, the year it was formed, and has invested in revitalizing the properties since, according to its website. Apart from the portfolio it has now sold, Gravestar's website lists only one other property: the Greenworks Building in Cambridge.
The 729K SF portfolio has grocery anchors like Whole Foods Market, Shaw’s, Star Market and Dave’s Fresh Marketplace that have had long-term tenancies in each location. The nine centers are 95% leased.
Eight of the nine property are in Massachusetts: Auburndale Plaza in Newton, Brookline Plaza in Brookline, Horn Pond Plaza in Woburn, Norwood Plaza in Norwood, Porter Square Shopping Center in Cambridge, Sudbury Plaza in Sudbury, Waltham Plaza in Waltham and Wellesley Plaza in Wellesley. The Rhode Island property is the Pontiac Avenue Plaza in Cranston.
"The supermarket anchors are complemented by a mix of high-quality junior anchor tenants, convenience retailers and prized local tenants," said Paul Penman, managing director of Newmark’s Boston Capital Markets Group. "This tenant mix, and in particular the longstanding local operators at each center, has established the properties as highly popular retail destinations."
In the beginning of May, TA Realty acquired another 82K SF shopping center in Connecticut for $58M that was also anchored by a Whole Foods, and it made another acquisition for a 258K SF retail center in Cape Cod a week later.