News:
Brokerage
Posted: February 22, 2019
JLL closes $19.25 million sale of River City Shopping Center on behalf of affiliates of Mark Holdings LLC and Earle W. Kazis Associates
Waltham, MA On behalf of affiliates of New York-based owners Mark Holdings LLC and Earle W. Kazis Associates, JLL’s retail capital markets team completed the sale of River City Shopping Center for $19.25 million. River City Shopping Center is a 131,000 s/f shopping center located along the Charles River on River St.
According to JLL executive vice president Nat Heald, “River City Shopping Center offered investors an extremely rare chance to purchase a well positioned shopping center with a strong tenant base and potential long-term opportunity for repositioning. The affiliates of Mark Holdings and Kazis Associates have a long history with the property, having developed it in the ’60s and successfully operated it for over 50 years. We were very pleased to assist them in identifying the property’s next long-term owner.”
David Schore, president of Mark Holdings said, “The strength of this location and the optionality of a long-term redevelopment to mixed-use attracted a strong field of diverse bidders demonstrating the depth and liquidity of the real estate capital markets today for compelling assets.”
River City Shopping Center is located within an 11-acre site and anchored by Shaw’s Supermarket and Ocean State Job Lot. Other notable tenants include Sprint, Subway, Sally Beauty and Payless ShoeSource.
Heald and managing director Chris Angelone led the JLL team on the transaction, along with vice president Jessica Dowd and associate Scott Carpenter.
MORE FROM Brokerage
Goldberg of Spire Investments purchases Beverly portfolio for $9.2m
Beverly, MA Jay Goldberg, president and owner of Spire Investments has completed the purchase of four multifamily buildings. The 33-unit purchase amounted to a sale price of $9.2 million or $278,788 per unit. The properties are all located in downtown and consist of one- and two-bedroom units.
Quick Hits
Columns and Thought Leadership
End of the year retail thoughts - by Carol Todreas
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.
The rise of AI in CRE - And what it means for every skilled profession - A broker & appraiser weighs in - by Bryan Plourde
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.