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Continuing Trend, 113,000-SF Shopping Center Sells

SOUTHBRIDGE, MA-Jonlee Southbridge sells Southbridge Fair to the Alevizos Group for nearly $10.4 million. A broker involved in the deal tells GlobeSt.com that retail properties are in great demand now by all types of investors.

By Naomi Grossman | Updated on March 16, 2004

SOUTHBRIDGE, MA-Jonlee Southbridge LLC sold Southbridge Fair to the Alevizos Group for nearly $10.4 million. The shopping center, which is located on Route 131, was originally developed in 1972 and renovated in 1996. It is fully leased to anchor tenants Big Y Supermarkets and Ocean State Job Lot, as well as Blockbuster Video, Advance Auto Parts, Family Dollar, Aubuchon Hardware, Monro Muffler, Radio Shack and McDonald’s.

Cushman & Wakefield’s Financial Services Group of Robert E. Griffin, Jr., Geoffrey Millerd and Ryan Cox represented the Youngstown, OH-based Jonlee Southbridge and procured the buyer in the transaction.

The deal is indicative of the state of Greater Boston’s retail market, where all types of investors are looking to sink their money into these types of properties. “Retail is in greater demand by all types of buyers than ever before,” Millerd, a senior director at Cushman & Wakefield, tells GlobeSt.com. “It’s not just private investors, but also institutional buyers and REITs now.”

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