Crosspoint has bought Brookside Retailers, a 75,529-square-foot buying middle in Acton, Mass., for $21 million. Clarion Companions bought the asset, in accordance with CommercialEdge information. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction; Senior Managing Director Jim Koury represented the vendor and procured the customer.
Clarion had acquired the neighborhood middle again in 2017 for $33.5 million, the identical supply exhibits. TH Actual Property was the vendor and Newmark brokered the deal.
Brookside Retailers got here on-line in 2002 on a 10-acre web site. Anchored by Dealer Joe’s, the retail middle has a various mixture of nationwide and regional tenants akin to Staples, LOFT, X-Golf, Talbots, Laser MD Medspa, KJ’s Caffé, J. Jill and Chico’s. The property was 76 % leased on the time of sale.
Situated at 145 Nice Highway, the Higher Boston buying middle is in a rich suburb, the place the common family revenue inside a 10-mile radius is greater than $210,000, in accordance with IPA. Downtown Boston is a few 24 miles away.
Because of the metro’s strong fundamentals, the buyers preserve buying new properties throughout the Higher Boston space, in accordance with a current Marcus & Millichap report. Throughout the first three quarters of final 12 months, consumers confirmed main curiosity in properties occupied by nationwide tenants alongside main state routes.
