Clarion Partners Sells Boston-Area Shopping Center

Crosspoint has purchased Brookside Shops, a 75,529-square-foot shopping center in Acton, Mass., for $21 million. Clarion Partners sold the asset, according to CommercialEdge data.

Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction; Senior Managing Director Jim Koury represented the seller and procured the buyer.

Clarion had acquired the neighborhood center back in 2017 for $33.5 million, the same source shows. TH Real Estate was the seller and Newmark brokered the deal.

Brookside Shops came online in 2002 on a 10-acre site. Anchored by Trader Joe’s, the retail center has a diverse mix of national and regional tenants such as Staples, LOFT, X-Golf, Talbots, Laser MD Medspa, KJ’s Caffé, J. Jill and Chico’s. The property was 87 percent leased at the time of sale.

Located at 145 Great Road, the Greater Boston shopping center is in a wealthy suburb, where the average household income within a 10-mile radius is more than $210,000, according to IPA. Downtown Boston is some 24 miles away.

Due to the metro’s robust fundamentals, the investors keep acquiring new properties across the Greater Boston area, according to a recent Marcus & Millichap report. During the first three quarters of last year, buyers showed major interest in properties occupied by national tenants along major state routes.