BOSTON--CB Richard Ellis/New England, the region's leading full-service commercial real estate services firm, announced that it has brokered the $63 million sale of Twin City Plaza, a 285,747 square foot, Shaw's Supermarket-anchored urban shopping center along Route 28 on the Cambridge/Somerville line in Massachusetts.
Bill Moylan and Chris Angelone, both Senior Vice Presidents/Partners, and Leslie Faraci, Vice President of CB's Northeast Retail Investment Team, represented the seller, Charter Realty & Development, and procured the buyer, Regency Centers, in the transaction.
“Charter Realty was extremely successful in executing their vision for the redevelopment of this center,” said Mr. Angelone. “Regency Centers will benefit from this vision as the new owner of a premier, urban, grocery-anchored shopping center.”
Twin City Plaza is strategically located two miles north of Boston between Gore Street and McGrath Highway (Route 28), which bisects the Cambridge/Somerville city boundary. The property is situated within a mile of some if the area's best amenities, and is easily accessible (via Storrow Drive, Memorial Drive, and I-93) to the entire population of Cambridge, Somerville, and the northern neighborhoods of Boston.
During the past year, the property has undergone an extensive redevelopment, including a new façade, parking lot, and over 45,000 square feet of new retail space. In addition to a new state-of-the-art Shaw's Supermarket, the center includes over twenty retail tenants including, Marshall's, Brooks Pharmacy, and K&G.
Since January 2005, the CB Richard Ellis' Northeast Retail Investment Team has completed sales in excess of $900 million.