Image courtesy of Google Maps
A Fidelity Investments fund paid $23 million to acquire a 250,000-square-foot Weymouth retail property anchored by Lowe’s Home Improvement Warehouse.
The Riverway Plaza is located on a 23-acre parcel at 715-795 Bridge St. and also includes Michael’s, Dollar Tree, Papa Gino’s and Staples as tenants.
CBRE’s Nat Heald and Jordana Roet represented the seller, an affiliate of Allstate Investments, and secured the buyer in the transaction.
Investor demand for shopping centers is increasing in Greater Boston, according to CBRE.
“Riverway Plaza generated strong interest from a wide range of investor types, from private to institutional because of its excellent tenant line-up, below market rents and desirable metro-Boston location,” Heald said in a statement.
The property was redeveloped from the enclosed Harborlight Mall into an open-air shopping center in 2002.
AP Real Estate LLC, an affiliate of Allstate Insurance, acquired the property in 2013 for $21.5 million.
