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Photo courtesy of Newmark Knight Frank.
The master developer of one of Massachusetts’ largest open-air shopping centers has sold two components of the master-planned project to a Texas investor for $83 million.
Colony Place developer Saxon Partners of Hingham sold The Plaza, a 230,497-square-foot power center, and The Village, a 188,473-square-foot lifestyle center, to Rainier Cos. of Dallas.
Saxon Partners will remain master developer of the property, which is adding a 320-unit apartment complex and hotel.
The 1 million-square-foot development located near the junction of Routes 3 and 44 has a 20-mile trade area of nearly 600,000 residents with average household incomes of $101,200, according to Newmark Knight Frank which represented the seller.
“Colony Place serves as the epicenter of retail in Plymouth and was master-planned as a cohesive mixed-use campus with wide boulevards, top-end finishes and exceptional landscaping, creating a setting unlike anything in the region,” NKF Senior Managing Director Justin Smith said in a statement.
