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Photo courtesy of JLL
A North Shore single-tenant grocery store property leased to Whole Foods has sold to a local buyer.
Regency Centers, the Florida-based REIT that owns around 56 million square feet of retail nationwide, gave up the property at 331 Paradise Road in Swapscott for $19.25 million. The buyer was Brookline-based Academy Hill Realty.
The 4.89-acre property sits next to a pair of retail plazas and apartment complexes with nearly 800 units, near a major intersection that offers connections to Salem, Lynn and Marblehead.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Retail Group Leader Chris Angelone, Managing Director Nat Heald and Senior Director Eric Suffoletto.
“Despite COVID headwinds, in many instances, we have seen increased demand and stronger pricing for premium, food-anchored and single-tenant properties then we did pre-COVID,” Angelone said in a statement.
