BOSTON -- Tedeschi Realty Corp.an arm of Tedeschi Corp. and convenience retailer Tedeschi Food Shopsis selling 26 nonconvenience-store retail properties in what could amount to one of the largest portfolio sales in Greater Boston with a value around $400 million, said The Boston Business Journal.
This is the largest portfolio of Greater Boston shopping centers ever to hit the market, James Koury of Jones Lang LaSalle, which is selling the portfolio, told the newspaper. We're hoping [it will sell for] over $400 million.
The Tedeschi [image-nocss] family decided to sell the portfolio, which is completely separate from Tedeschi Food Shops, because they it felt the timing was excellent, Terrence Tedeschi, president of the Rockland, Mass.-based real estate company, told the paper.
The properties total close to two million square feet and are located in communities on the South Shore between Braintree and Orleans, said the report. The properties break into three different categories: 10 are leased to one tenant; eight are supermarket-anchored plazas and eight are non-grocery-anchored neighborhood centers or development-orientated property. Koury said buyers can acquire all three property categories together or they can mix and match. Bids are due at the end of March.
The Tedeschi family exited the large store format in 1986 when it sold Angelo's Supermarket to Supermarkets General Corp., the report said. Through a series of mergers, many of the supermarket sites formally operated by the family are now occupied by Shaw's Supermarkets Inc. and Stop & Shop.
The family also operates and franchises 200 c-stores in the Boston Metro market under the brand names Tedeschi Food Shops, L'il Peach and Store 24. The c-stores and the any associated real estate are not included in the sale, said the company.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.