BOSTON -- Cushman & Wakefield announced the $13.6 million sale of Middleborough Crossing, a 132,158 square foot grocery-anchored shopping center located on Route 28 in Middleborough, Mass. Cushman & Wakefield's Capital Markets Group of Robert E. Griffin, Jr., Geoffrey Millerd and Michael d’Hemecourt exclusively represented the seller and procured the buyer – Pennsylvania-based – WP Realty -- in the transaction.
Situated on 26.17 acres, the offering consists of two parcels, 24.84 acres which accommodate the existing shopping center and an additional 1.33 adjacent acres encompassing a vacated office building, providing the ability to add a 5,000 square foot retail pad. The property is currently 93% leased, with anchor-tenant Hannaford occupying 35,340 square feet and junior anchor Ocean State Job Lot comprising 25,000 square feet.
“The combination of Middleborough Crossing’s superior location, strong tenant roster and the opportunity to enhance value made this offering very appealing to an array of well qualified investors,” said Geoffrey Millerd, Senior Director at Cushman & Wakefield. “Moreover, with the property’s location within such a rapidly growing market it came as no surprise that the property generated such interest.”
Located just off exit 4 from I-495 and just outside of the Middleborough town center parallel to Route 28, the property enjoys 746 linear feet of frontage. Other notable tenants in the center include Ocean State Job Lot, Aubuchon Hardware and Subway, among others. Middleborough’s Crossing is one of two grocery-anchored shopping centers in Middleborough -- Middleborough Plaza, which is anchored by Stop & Shop, is two miles west of the subject property on Route 28.