CBRE/NE Aids Katz in $15.4M Retail Buy

STOUGHTON — Continuing to expand its retail platform across New England, Katz Properties of New York has acquired an 80,000-sf strip center here in this south suburban Boston community. CBRE/New England’s Capital Markets Group negotiated the $15.4 million trade between Katz and Invesco Real Estate, which paid $13.2 million in July 2004 for the 6.8-acre property that is dominated by a 60,000-sf Super Stop & Shop.

“We are excited to have acquired this stable asset with a ‘best-in-breed’ anchor tenant located in the vibrant community of Stoughton,” principal Daniel Katz says in a press release issued this week announcing the purchase of 278 Washington St. that closed on Feb. 8th. Notes Katz: “Stop & Shop is the dominant grocer in this market, and its corporate headquarters is located approximately 10 miles from the property.”

Goedecke & Co. arranged $10.0 million in mortgage financing through Allstate Insurance Co. to facilitate the purchase, with Timothy Breda heading up that assignment. Breda also assisted Katz in securing a loan for its buy of Derry Meadows in Derry, NH, another grocer-anchored center that the investor acquired for $20 million in a 2011 deal.

Presently at 93 percent occupancy, with five tenants overall including a 4,600-sf Bank of America pad unit, the Stoughton property will be managed by Katz affiliate Winslow Property Management. Katz principal Daniel Kaufthal says the firm leaders are “delighted to be joining the suburban Boston real estate community, and are confident in the surrounding population’s ability to support the tenants of this shopping center.” The team, he says, “is eager to improve what is already a vibrant (property) through lease-up of the vacant spaces whose presence will complement the products and services already offered.”

The Stoughton listing follows up on a busy year for CBRE/New England, which made retail a key element of the firm’s $740 million brokered in 2011. Invesco was among the clients served last year by CBRE/NE, with the team listing the 350 Washington St. retail property in Boston’s Downtown Crossing that Invesco acquired for $128 million. Chris Angelone, Nat Heald, James Koury and William Moylan led the way on the Stoughton negotiations. Katz Properties, which also purchased a Connecticut property prior to the Derry investment, is still actively looking for additional opportunities in New England and the mid-Atlantic states, Katz relays in the press release.