Suburban Boston grocery-anchored center trades
BOSTON – JLL Capital Markets announced that it has closed the sale of Center at Hudson, an 85,000-square-foot shopping center anchored by Stop & Shop in Boston’s western suburb of Hudson, Massachusetts.
JLL marketed the property on behalf of the seller. NNM Realty Trust, owner of multiple retail shopping centers and other commercial real estate in and around Massachusetts and New Hampshire, purchased the asset.
Center at Hudson is anchored by Stop & Shop, one of the Northeast’s largest supermarket chains and a subsidiary of Ahold Delhaize USA, Inc., the third-largest supermarket operator in the U.S. Ninety-six percent occupied, the center is also home to other internet-resistant restaurant and service tenants such as Expo Nails, The Paper Store, Sperry’s Liquors and Eye Care Center.
The retail property is located at 10 Technology Dr. at the highly visible intersection of Route 85, Washington Street and Technology Drive., which are regional throughfares that connect the property to nearby corporate campuses like Intel that drive traffic to the property. Additionally, Center at Hudson’s proximity to the intersection of Interstates 495 and 290 helps the center draw from a regional trade area, which is densely populated with significant multi-housing inventory due to the low cost of living discount to close-in Boston towns.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Nat Heald, Senior Managing Director Chris Angelone and Associate Zach Nitsche.
JLL Research’s recently released U.S. Grocery Tracker 2021 report discusses how grocery-anchored retail centers continue to be investors’ preferred retail property type. Along with single-tenant grocery assets, JLL anticipates grocery-anchored retail under 100,000 square feet to be one of the most sought-after asset classes during the recovery.