Jones Lang LaSalle recently announced its client has closed on the sale of Phase 2 of a massive retail portfolio in the Boston, Mass., metro area.
Tedeschi Realty sold this phase to Denver-based Dividend Capital Total Realty Trust for a price of $48 million. Dividend Capital purchased Phase 1 last year for $329 million. The total cost of the 25-property, nearly 2 million-square-foot retail portfolio was $377 million.
The portfolio’s shopping centers are primarily located in southeastern Massachusetts between Braintree and Orleans. The majority of the properties are supermarket anchored, mostly by Super Stop & Shop, the area’s dominant grocer.
The portfolio includes properties such as the Tedeschi Plaza in Braintree, anchored by super Stop & Shop, TJ Maxx and Home Goods; Kingsbury Square in Kingston, anchored by Hannaford Brothers supermarket; Skaket Corners Plaza in Orleans, anchored by a new Shaws; and Cranberry Plaza in Wareham, anchored by a Super Stop & Shop, and TJ Maxx.
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