Boston-Area Single-Tenant Retail Building Sells for $19M

The 64,227-square-foot property is located in Shrewsbury, Mass., and is triple-net leased to Price Chopper, a family-owned grocery chain.
Price Chopper. Image via Google Maps

JLL Capital Markets has arranged the sale of a 64,227-square-foot, freestanding single-tenant retail building in Shrewsbury, Mass., for $19 million. The brokerage firm worked on behalf of the seller, an entity represented by Nigro Cos. Hunneman Real Estate represented the buyer, Coventry Crossing LLC.

Located at 733 Boston Turnpike, the asset is just off Freeway 9, within 3 miles of Shrewsbury’s downtown, a city situated between Worchester and Interstate 495, around 37 miles from Boston. The area is densely populated, more than 133,000 people live within a 3-mile radius, with an average annual income of about $99,000. Built in 2010, the property occupies 10.8 acres and is triple-net leased to Price Chopper, a family-owned retail chain operating on the East Coast.

JLL Capital Markets team representing the seller included Senior Managing Director James Koury and Director Kellie Coveney. Coventry Crossing LLC was represented by Executive Vice President David Ross of Hunneman. According to JLL’s retail investment outlook report, although overall retail transaction volumes fell in the first quarter, grocery-anchored assets performed well.