The Alevizos Group Sells Hannaford Plaza
6 Oct, 2006, Boston
Cushman & Wakefield Handles $9.3 Million Transaction
Cushman & Wakefield today announced the $9.3 million sale of Hannaford Plaza, a 98,905 square foot neighborhood shopping center anchored by The Gap and Party City and located in Norwood, MA. Cushman & Wakefield's Capital Markets Group of Robert E. Griffin, Jr., Geoffrey Millerd and Michael d’Hemecourt exclusively represented the seller and procured the buyer -- New York-based Cedar Shopping Centers -- in the transaction.
Hannaford Plaza is a traditional 98,905 square foot Hannaford Bros. Supermarket-anchored shopping center located along Route 1A (Walpole Street) in Norwood, Massachusetts. Hannaford Plaza is a stabilized investment opportunity that was 100% leased at the time of sale, anchored by Hannaford Bros., one of the leading grocers in New England. In addition to the 42,598 square foot Hannaford grocery store, other retailers at the center include Rocky’s Ace Hardware, Dollar Tree, Bay State Wine and Beneficial Finance amongst others. The center has enjoyed an historically strong occupancy and due to its in-fill location in one of Boston’s premier suburbs, Hannaford Plaza will continue to outperform the market well into the future.
Located on over 8 acres of land in Norwood, Massachusetts, Hannaford Plaza is a traditional L-shaped shopping center featuring twelve individual tenant spaces. The center features nearly 300 linear feet of frontage along Route 1A, providing tenants with excellent visibility. Traffic counts are excellent with approximately 26,000 cars passing the center along Route 1A each day while the nearby I-95 sees traffic approaching 80,000 vehicles daily.
“Hannaford Plaza is a prized asset that due to its high-quality tenant roster was heavily contested by several buyers,” said Geoffrey Millerd, Senior Director at Cushman & Wakefield. “This transaction is a clear example of the trend we have been witnessing over the past 18 months: buyers are willing to bid aggressively to acquire a stabilized retail property in an irreplaceable location that offers the certainty of cash flow that their investors demand.”
Located roughly 14 miles southwest of downtown Boston just off of I-95 at Exit 11, Hannaford Plaza is well positioned in this premier bedroom community. Norwood is a picturesque suburb of approximately 29,000 residents who are highly educated. The town is densely developed and the likelihood of any large-scale retail development is very slim. The site is well suited to attract surrounding residents who boast an average household income within a five-mile radius exceeding $108,000.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
For further information, please contact: