Press Release brought to you by CBRE/New England

CBRE/New England Sells Worcester Price Chopper Supermarket for $16M

07/24/2014

Thursday, July 24, 2014

 

 

CBRE/New England Contact:

Kara DeMichele

Tel: 617.912.7038

kara.demichele@cbre-ne.com

 

 

 

CBRE/New England Sells Worcester Price Chopper Supermarket for $16M

Freestanding, 69,000 square foot supermarket sold

 

BOSTON (July 24, 2014) — CBRE/New England’s Capital Markets team announces the sale of Price Chopper Supermarket located at 50 Cambridge Street in Worcester, Massachusetts for $16 million. The 69,000 square foot grocer is located less than one mile from Clark University in the heart of an exceptionally densely populated urban neighborhood.

 

CBRE/New England’s Nat Heald, Chris Angelone, Bill Moylan, and Bruce Lusa represented the seller, H&R REIT, and procured the buyer, The Federated Companies.

 

“We are happy to have assisted H&R REIT in this transaction,” said CBRE/NE’s Heald. “The Federated Companies gains long-term stability from an urban asset occupied by one of New England’s strongest grocery operators.”

 

The Worcester Price Chopper was delivered in 2003 and serves as the flagship store in Worcester, one of Price Chopper’s primary markets. Price Chopper operates 10 stores in the Greater Worcester market and is the Northeast’s dominant privately owned grocer with over 130 locations in Massachusetts, New York, Vermont, New Hampshire, Connecticut and Pennsylvania.

The Worcester Price Chopper Supermarket occupies a full 10-acre parcel in the midst of an exceptionally densely populated trade area. The property is located approximately one-tenth of a mile from the heavily traveled Main Street and its busy intersection with Park Avenue (State Route 9/20). Nearly 130,000 people live within a three-mile radius of the property, in addition to the 3,500 students attending Clark University, which is located approximately three quarters of a mile away. As the second-largest city in the state of

Massachusetts, Worcester is a mature market with significant barriers to entry due to regulatory conditions and a lack of developable land.

 

 

 

About CBRE/New England

CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

 

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07/24/2014 - 13:38

Source

CBRE/New England

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