boston - The Real Reporter

54THE REAL REPORTER 2013 SUMMER REVIEW1285 Beacon St., Brookline MARETAIL PAUSEcontinued from page 12deliver consistent if unspectacular NOI.“Because institutions have gotten more andmore involved and their return requirements aregenerally much lower thanJEREMY FREIDADAM MEIXNERJORDAN SNEIDERprivate investors, that’sanother reason cap rateshave gone down andprices have gone up,”Millerd explains, addingthat the biggest changeover the last six monthshas been that Class Aproduct—groceryanchored centers in secondarymarkets or nongroceryanchored retail—has seen cap rates fall considerably,from 100 to 150basis points. This, he says,is leading investors to paya lot more for B productand broadening their horizons.One such example wasa $106.7 million deal inWest Hartford, CT, in whichAngelone and his CBREteam of William Moylan,Nathaniel Heald and BruceLusa of the Boston office;Jeff Dunne and David Gavin of CBRE’s NewYork Institutional Group; and John McCormick,Pat Mulready and Mike Stone of the Hartfordoffice procured a buyer (Starwood Capital) forthe 450,000-sf Blue Back Square mixed usedevelopment that consists of upscale restaurantand retail units totaling 210,550 sf, with 48apartments, 59 residential condominiums, plusmedical office and professional space.BEN STARRBlue Back Square, West Hartford, CTCompleted in 2008, the retail is shadowanchoredby Whole Foods with a Barnes &Noble, Crate & Barrel, Ann Taylor and a highendCriterion Cinema.Closer to home, Angelone, Moylan andfriends closed on Riverway Plaza, a 245,000-sfshopping center along Route 3A in Weymouth.The client was Samuels & Associates, whichpassed the asset to CBRE Global Investors for$21.5 million. Samuels had purchased theproperty in 2001 for $6.3 million, further testamentto the draw of the well-located, solidcredit retail centers by institutional capital. Theproperty is anchored by Lowe’s and Staples, andalso includes CVS, Dollar Tree, a Margarita’sMexican Restaurant and aD’Angelo’s/Papa Gino’s.CBRE has continuedtheir momentum into thesecond half, closing onNational Development’sMetroNorth Retail Centerto Integrated PropertiesADAM CIREL last month for $12.1 million.The 163,000-sf communityretail center isanchored by Chipotle, PetSmart and Bob’s DiscountFurniture among its tenants.It is part of the awardwinningMetroNorthCorporate Center createdby the sellers on a siteabutting Interstate 93 near the Route 128 interchange.Millerd and the Cushman & Wakefield teamof Capital Markets President Robert E. GriffinJr., Associate Justin Smith and Financial AnalystPaul Penman, also closed a significant deal in atertiary market, selling Heritage Retail Plaza inEast Longmeadow to Katz Properties at the endof June for $28.6 million. The 117,000-sf Stop& Shop-anchored center is in close proximity toboth Springfield and Greater Hartford, and is 98percent leased to credit tenants Aspen Dental,GNC, H&R Block and Panera Bread. C&W alsobrokered the deal for Salem Park Plaza inSalem, NH, a 37,925-sf shopping centeranchored by Barnes & Noble that was acquiredby Linear Retail for $8 million from MarcusPartners. Other tenants include Bank ofAmerica, Findeisen’s Ice Cream, Jos. A. BankClothiers and Pier 1 Imports.The Eastdil Secured Capital Markets team,led by Christopher Phaneuf and including BrianBarnett, Peter Joseph, Sarah Lagosh and Jamescontinued on page 55&-))!)))!)))&,.)!)))!)))&,))!)))!)))&+.)!)))!)))&+))!)))!)))&*.)!)))!)))&*))!)))!)))&.)!)))!)))&,))"))&+.)"))&+))"))&*.)"))&*))"))&.)"))&#&#BOSTON RETAIL STATS*$*+ *$*, +$*+ +$*,$" '% #!*$*+ +$*+ *$*, +$*,#*7)./'2/80* (!( O -)1,* @ 2+ "5236 %27)/ &1.76 9, ?