Phillips Edison & Co. Buys 279K SF Greater Boston Portfolio

Thursday, June 26, 2014, 12:11pm

Phillips Edison Co. has purchased four grocery-anchored shopping centers situated throughout the Greater Boston area for $52.8 million.

The Metro Boston retail portfolio encompasses a total of 279,196 square feet across four properties in Cohasset, Easton, Hanover and Waltham. Three of the four shopping centers are anchored by Shaw’s Supermarkets, and one is a free-standing Hannaford Brothers supermarket. The portfolio is 99 percent leased.

Cushman Wakefield’s Rob Griffin, president, Geoffrey Millerd, executive vice president, and Justin Smith, associate director, oversaw the transaction on behalf of the seller, Angelo, Gordon Co. and WP Realty.

The portfolio includes Cushing Plaza in Cohasset, highlighted by Shaw’s, Walgreens and two free-standing banks; Shaw’s Plaza in Easton, highlighted by Shaw’s, Rite Aid and Bank of America; Shaw’s Plaza in Hanover; and Hannaford Brothers in Waltham. The grocery anchors across the Metro Boston retail portfolio have long-term leases in place.

The four properties are a component of a larger portfolio sold to Angelo, Gordon Co. and WP Realty by Cushman Wakefield in 2011 for $86.5 million.

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