(For more retail coverage, click GlobeSt.com/RETAIL.)
ROCKLAND, MA-Locally based Tedeschi Realty Corp. has put 26 shopping centers on the market. The portfolio has barely hit the market but it's already creating a buzz.
"This has gotten a lot of people's attention," Jim Koury, with Jones Lang LaSalle's Boston office, tells GlobeSt.com. The size of the portfolio, the location and the amount of money it is expected to bring in for its owners are all fueling the interest.
"From what we can tell, it's the largest portfolio of Greater Boston shopping centers ever sold," says Koury, who estimates the transaction could fetch in excess of $400 million.
The shopping centers, most of which are anchored by Stop & Shop supermarkets with leases extending for 15 years, are clustered between Braintree and Orleans, with 24 of the 26 assets located within the Metro Boston market. "It's difficult to find this kind of square footage inside [Route] 495, which makes it beautiful," Koury says. "It's the core of what most investors are looking for. It's a unique opportunity to purchase two million sf within close geographic proximity. For the Northeast, this is as desirable as it gets."
The properties, comprised of 10 single-tenant assets, eight neighborhood or development oriented plazas and eight grocery-anchored centers, can be purchased collectively as a portfolio or as three separate offerings, Koury says.
The family-owned plazas are the last of the Tedeschi's larger store holdings. Many of the supermarkets that the family once owned were sold in the 1980s and are now occupied by Stop & Shop and Shaw's Supermarkets. About 200 owned or franchised convenience stores under the Tedeschi, Store 24 and L'il Peach names are still owned by the family.
"These sites have proven track records and many have been rebuilt to super store formats in recent years. This is an excellent time to capture their value," says Terrence Tedeschi, president of the Rockland based real estate company, in a statement.
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