Photo courtesy of Google Maps
A Quincy shopping plaza at 130-132 Granite St. has sold to a local developer after being included in an expansion of city officials’ downtown development plans.
The Grossman Cos. Inc., a family-owned real estate firm with local roots in Quincy dating back over 120 years, acquired the 100,000-square-foot property from Boston-based Regency Centers through an affiliate on May 22 for $41.5 million, according to public records, financed in part by a $25.5 million mortgage from Salem Five.
The Granite Street plaza is located at the intersection of Walter Hannon Parkway and Burgin Parkway, across the street from the Grossman-owned Granite Place shopping plaza. The 7.1–acre neighborhood shopping center is anchored by Star Market and Walgreens locations. Equity One, a real estate investment trust that later merged with Regency Centers, bought the land for $25.6 million in 2004.
“We were very pleased to be involved in this unique transaction and could not have asked for a smoother process with the buyer and seller,” said Nat Heald, the head of CBRE’s New England retail investment sales practice who represented ownership in the sale. “This sale reflects the tremendous continuing demand for well-located supermarket properties in metro-Boston.”
Grossman owns and manages approximately 2.5 million square feet of commercial and residential properties in New England. The firm’s services include acquisitions, private lending, property management and brokerage.
Jacob Grossman and David Grossman, co-presidents of the company and the fifth generation of Grossmans to lead the business, said in a statement provided by CBRE: “We are excited to own this well-located property in the heart of the City of Presidents. Our commitment to Quincy remains strong, and we look forward to the continued evolution of this property over the coming decades.”
That evolution may not be long in coming.
Quincy Mayor Thomas Koch told the Patriot-Ledger in April that Grossman representatives have approached the city with preliminary plans for housing on the property.
The sale of the Granite Street property follows a vote on April 1 by the Quincy City Council to expand the city’s urban renewal plan to include the 130-132 Granite St. property and the neighboring 4.78-acre, Grossman-owned shopping plaza at 74 Granite St. This 20-year plan was first published in 2007 and seeks to “revitalize Quincy Center and attract high‐quality residential and commercial development,” according to the plan’s executive summary.
