Real Estate Firm Sells 25 shopping centers for $377 million
ROCKLAND, Mass. -- Tedeschi Realty Corp. here has reportedly sold 25 shopping centers, most in southeastern Massachusetts, to Denver-based Dividend Capital Total Realty Trust for $377 million, in the largest deal of its kind in the state's history.
Most of the centers sold are anchored by a supermarket, primarily Super Stop & Shop, but also Shaw's.
"The timing was great," Tedeschi Realty president Terrence Tedeschi told the Boston Globe. "Interest rates have been low, valuations have been very high, and the portfolio was in good shape."
Tedeschi Realty closed on the sale of 22 of the 25 properties on Wednesday, with three more sales pending, according to the family-owned company.
The Tedeschi family will continue to operate and franchise 200 Tedeschi Food Shops, Li'l Peach, and Store24 convenience stores in Massachusetts, Rhode Island, New Hampshire, and Connecticut.
Most of the centers sold are anchored by a supermarket, primarily Super Stop & Shop, but also Shaw's.
"The timing was great," Tedeschi Realty president Terrence Tedeschi told the Boston Globe. "Interest rates have been low, valuations have been very high, and the portfolio was in good shape."
Tedeschi Realty closed on the sale of 22 of the 25 properties on Wednesday, with three more sales pending, according to the family-owned company.
The Tedeschi family will continue to operate and franchise 200 Tedeschi Food Shops, Li'l Peach, and Store24 convenience stores in Massachusetts, Rhode Island, New Hampshire, and Connecticut.