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Photo courtesy of JLL
A grocery-anchored retail property in Saugus has been acquired by a partnership of The Grossman Companies of Quincy and Boston-based North Colony Asset Management.
Federal Realty Investment Trust received $39.5 million from the sale of the 185,800-square-foot Saugus Plaza, which has been anchored by Stop & Shop Supermarket Co. for over 40 years.
Located on 16.6 acres at 180 Main St. (Route 1), the site has a daily vehicle count exceeding 110,000 and is located in a growing submarket with nearly 1,200 multifamily housing units under development, according to JLL which represented the seller.
“Investor demand for grocery anchored properties in metro Boston far outstrips supply, and we saw competitive bidding from the full spectrum of investor-types, including REITs, funds and private groups,” JLL Managing Director Nat Heald said in a statement.
