News: Front Section
Posted: October 2, 2014
The Grossman Companies, Inc. acquire Columbus Plaza for $7.65 million
An affiliate of The Grossman Companies, Inc. (www.grossmanco.,com), of Quincy, Mass., has acquired Columbus Plaza, a 54,450 s/f shopping plaza for $7.65 million, or $146 per s/f, a 8% cap-rate on the current income.
The announcement was made by Jake Grossman, a principal of The Grossman Companies. The seller is Columbus Plaza Associates LLC. Brokers who participated in the transaction are Jeff Dunne, David Gavin, Erik Edeen, Chris Angelone, Bill Moylan and Nat Heald, from the New York and Boston CBRE Institutional/Capital Markets Groups. Peter Kenn of Goedecke & Company arranged the first mortgage financing with Blue Hills Bank on behalf of the buyer.
Columbus Plaza, at 150-174 Columbus Blvd., is situated off Rte. 9 and is anchored by Price Rite Supermarkets.
Grossman said, "This is a great value acquisition with two tenants we know well: Stop & Shop which has the master lease on the plaza until 2025 - and which is based in our company's hometown of Quincy, Mass. - and Price Rite which is the anchor of our retail plaza in Seekonk, Mass. It is a thriving high-volume shopping center with excellent demographics that fits nicely into our portfolio."
Tags:
Front Section
MORE FROM Front Section
Front Section
McEvoy of The Conrad Group brokers $2.9 million sale of industrial building
Hingham, MA The Conrad Group has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
Columns and Thought Leadership
5 Questions to ask when choosing a real estate broker - by Elizabeth Perez Barlett
>They say, “April showers bring May flowers,” but this season may bring more movement in the housing market as springtime is one of the most popular times for home buying and selling. Although spring is one of the strongest seasons for the residential market, it may not be all rosebuds and butterflies if you don’t have the right advisors.
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
It’s time to get creative with closed college campuses - by Christian Koulichkov
Facing higher costs, shrinking enrollments, reduced state funding and severe demographic headwinds, many colleges and universities in New England and the Northeast are fighting for survival. The latest to lose the battle is the 150 + year old University of the Arts in
The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty
As healthcare facilities, often referred to as “Doc in a Box” clinics, increasingly move into traditional retail spaces, landlords are more frequently leasing to medical tenants. Unlike standard retail or office leases, medical facilities come with a unique set of considerations that must be carefully addressed to ensure a successful tenancy.