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Investor Pays $12M for South Hadley Square

SOUTH HADLEY, MA-The sale of the 56,850-sf supermarket-anchored retail center also gives the buyer two out-parcels and an option on 10 other acres.

By Beverly Ford | Updated on December 06, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

SOUTH HADLEY, MA-Philadelphia-based investor Alvero Acquisition Corp. beat out at least a dozen other potential buyers with an $11.6-million offer to take ownership of South Hadley Square. The retail 56,850-sf, single tenant property is occupied by Big Y World Class Supermarket. The acquisition includes two additional parcels and the option to purchase another 10 acres behind the supermarket building.

James Koury, with Jones Lang LaSalle’s Boston office, tells GlobeSt.com that interest in the property was exceptionally high among developers because of the added acreage, which offered the potential for the future development of about 80,000 sf. “It’s unusual to find a supermarket-anchored property with that much development potential,” he says, adding that about a dozen offers were made on the building.. “It would have had more interest from single-tenant triple net buyers but because of the development potential, it was more of a developer-oriented buyer base.”

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