AEW Sells Boston-Area Shopping Center for $45M

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AEW Capital Management has sold Lincoln Plaza, a 127,505-square-foot grocery-anchored shopping center in Hingham, Mass. Newmark brokered the $45.3 million transaction, working on behalf of the seller and procuring the buyer, a subsidiary of Jumbo Capital Inc.

CPT Lincoln Plaza LLC, an affiliate of Grossman Development Group LLC, purchased the shopping center in 2017 for $43.7 million, according to CommercialEdge data.

Completed in 1972, the retail center encompasses two buildings located on a 10.3-acre site. Lincoln Plaza is anchored by a 68,087-square-foot Stop & Shop supermarket and a 31,882-square-foot Marshalls department store. The property’s tenants include Jersey Mike’s, Verzion, Rockland Trust, Ninety Nine, Open Doors Yoga Studios and Evergrin Dental. At the time of the sale, the shopping center was 99 percent leased.

Lincoln Plaza is located at 400 Lincoln St., placing it 15 miles southeast of Boston. The property is adjacent to The Launch at Hingham Shipyard, a mixed-use development which comprises 150 townhomes, 235 apartments, 94 luxury condos and 30,000 square feet of office space.

Newmark Managing Directors Jon Martin and Paul Penman, along with Co-Head of U.S. Capital Markets Robert Griffin, represented the seller in the deal. Senior Financial Analyst Casey O’Brien and Financial Analyst Connor Scott provided financial analysis support for the transaction, with Managing Director Mathew Adler providing additional support.