Picture by
Alexander Kovacs through Unsplash.com
AEW Capital Administration has bought Lincoln Plaza, a 127,505-square-foot grocery-anchored procuring heart in Hingham, Mass. Newmark brokered the $42.2 million transaction, engaged on behalf of the vendor and procuring the client, a subsidiary of Jumbo Capital Inc.
CPT Lincoln Plaza LLC, an affiliate of Grossman Growth Group LLC, bought the procuring heart in 2017 for $43.7 million, in accordance with CommercialEdge knowledge.
Accomplished in 1972, the retail heart encompasses two buildings positioned on a ten.3-acre web site. Lincoln Plaza is anchored by a 68,087-square-foot Cease & Store grocery store and a 31,882-square-foot Marshalls division retailer. The property’s tenants embody Jersey Mike’s, Verzion, Rockland Belief, Ninety 9, Open Doorways Yoga Studios and Evergrin Dental. On the time of the sale, the procuring heart was 99 p.c leased.
Lincoln Plaza is positioned at 400 Lincoln St., inserting it 15 miles southeast of Boston. The property is adjoining to The Launch at Hingham Shipyard, a mixed-use improvement which contains 150 townhomes, 235 residences, 94 luxurious condos and 30,000 sq. ft of workplace area.
Newmark Managing Administrators Jon Martin and Paul Penman, together with Co-Head of U.S. Capital Markets Robert Griffin, represented the vendor within the deal. Senior Monetary Analyst Casey O’Brien and Monetary Analyst Connor Scott offered monetary evaluation assist for the transaction, with Managing Director Mathew Adler offering further assist.
