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Image courtesy Google Maps
A group of prominent Bay Staters including former Market Basket board member Arthur S. Demoulas and construction giant Suffolk’s investment arm make up the ownership group paying $125 million to buy the sought-after Widett Circle property in South Boston.
Demoulas, who sold his interest in the supermarket chain in 2015 after a drawn-out family legal battle, invested nearly $686,000 in the Widett Circle acquisition group, according to a statement of beneficial interest filed with the Boston Planning & Development Agency. Suffolk Capital, the real estate investment vehicle affiliated with Boston-based Suffolk, is the second-largest investor with a 3.8 percent share worth $4.8 million.
And Widett 1 Trust, which lists Atlantic Management CEO Joseph Zink as trustee, also invested $686,000. Framingham-based Atlantic Management partnered with North Andover-based VMD Cos. on their 2017 acquisition of the former Necco candy factory in Revere, luring Amazon to lease the 830,000-square-foot facility before selling it in February for $355 million.
California State Teachers Retirement System is the lead investor with a 92 percent stake in the New Boston Food Market Development Corp., which was revealed last week as the successful bidder for the Widett Circle site.
Other investors include Boston-based private equity firm CrossHarbor Capital Partners, Able Company Holdings led by former Abbey Group executive William Keravuori, and real estate trusts which list as beneficiaries Somerville attorney Peri Nawawi, William Gear of Revere, and Pam Rossi and Brian Johnson of Brookline.
The 19-acre industrial site near Interstate 93 hit the market after the city abandoned its bid to host the 2024 Summer Olympics, which would have repurposed the food wholesalers’ warehouse and distribution space into a temporary 64,000-seat stadium.
The food vendors are expected to vacate the property within a year of the property sale, according to documents submitted by the developers to BPDA.
In a presentation to the BPDA board of directors last week, Keravouri said the development plans will emerge following community outreach.
