Clarion Partners Grabs Boston-Area Shopping Center
- Jan 13, 2017
Boston—New York-based Clarion Partners recently announced the acquisition of Brookside Shops, a 75,781-square-foot shopping center in Acton, Mass. The transaction was conducted on behalf of a separately managed account client advised by the firm. According to Middlesex County records, TIAA Realty disposed of the property at the end of December for a price tag of $33.5 million. The shopping center last changed hands in 2006 for roughly $27.9 million.
Brookside Shops is located at 145 Great Road, less than 30 miles northeast of downtown Boston and within the Interstate 495 beltway. The property was 100 percent leased at the time of the transaction. Anchored by Trader Joe’s and Staples, the tenant roster also includes Talbot’s, Pier 1, Easter Mountain Sports, Cambridge Savings Bank, LOFT and Gymboree.
“Brookside Shops is a well-positioned retail center with excellent fundamentals located in a highly affluent trade area,” said Clarion Partners director Gary Rufrano, in a prepared statement. “Clarion’s experience with strong, grocery-anchored centers and what we view as the property’s strong potential gives us confidence that Brookside Shops will be a positive addition to our national retail portfolio.”
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