Atlantic Capital Partners sells North Reading Landing for $7.3 million

North Reading, MA Atlantic Capital Partners has completed the sale of North Reading Landing. Situated in a densely populated suburb 15 miles north of Boston, the asset offers opportunity to reimagine one of the most significant parcels along a major commercial corridor.

The transaction was led by Justin Smith, head of capital markets; Sam Koonce, vice president; Chris Peterson, executive vice president; Steve Tomasello, partner; and Leslie Cotter, senior associate. Atlantic Capital Partners exclusively represented the seller and secured the buyer in the transaction.

Totaling 70,747 s/f, North Reading Landing is presently partially occupied by a short-term lease to Ocean State Job Lot, providing immediate redevelopment potential alongside near-term cash flow during the permitting and planning process. The asset includes a 70,747 s/f main structure, previously occupied by Stop & Shop, and a Stop & Shop fuel station. 

Smith said, “The combination of immediate in-place income and the site’s high-visibility footprint situated in metro Boston gives new ownership an ideal runway to reimagine the site into a dynamic development project that is perfectly positioned to capture the robust regional demand.”

The site offers visibility and regional connectivity, with its access from Rte. 28 (Main St.), which sees over 19,000 vehicles per day, and serves as the dominant north-south roadway leading to Interstate 95, as well as Rte. 62 (Winter St.). 

Tomasello said, “The buyer is a joint venture between a premier institutional group and a local investor, ensuring the community is gaining a fully engaged development partner dedicated to maximizing the long-term value and utility of this vital commercial hub.”

Atlantic Capital Partners is the Capital Markets division of Atlantic Retail, a privately held retail brokerage firm with a 29-year record of successful representation of the nation’s top retailers and landlords. With a team of more than fifty knowledgeable and dedicated brokers and support staff, Atlantic is committed to providing its clients with timely insight, well-informed strategies, and above-and-beyond service. Atlantic is based in Boston, MA with additional offices in Atlanta, GA; Charlotte, NC; Jupiter, FL; Los Angeles, CA and Pittsburgh, PA. https://atlanticretail.com/