(For more retail coverage, click GlobeSt.com/RETAIL.)
NORWOOD, MA-After just four weeks on the market, a 98,905-sf supermarket-anchored neighborhood shopping plaza on Route 1A has sold for $9.3 million. The offering for the fully leased retail property brought out more than 10 buyers.
Geoffrey Millerd, with Cushman & Wakefield's Capital Market Group in Boston, tells GlobeSt.com that the property's long-term leases and central location were a big draw for investors but it was Cedar Shopping Centers' reputation as a deal closer that won the New York-based buyer the keys to the property.
The firm has been actively acquiring neighborhood shopping centers in Metropolitan Boston for the past two years. Almost exactly a year ago it picked up the newly developed Shops at Suffolk Downs in Revere to add to its growing Bay State portfolio.
The eight-acre Hannaford Plaza includes a 42,598-sf Hannaford grocery store along with retail space occupied under long-term leases by Rocky's Ace Hardware, Dollar Tree, Bay State Wine and Beneficial Finance.
Millerd, along with Robert Griffin and Michael d'Hemecourt, also with Cushman & Wakefield's Capital Markets Group, represented the seller, the Alevizos Group, of Wellesley, and procured the buyer.
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