Second phase of massive Boston portfolio sells

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

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 &am...