Grossman Acquires Boston-Area Property
The new ownership intends to invest in upgrades.
Bay State Commons. Image by Jason Hughes, courtesy of Grossman Development Group
Grossman Development Group, in partnership with Long Term Capital and Equity Industrial, has acquired Bay State Commons, a 261,672-square-foot mixed-use development in Westborough, Mass. According to CommercialEdge, the seller of the primarily retail asset was Philips International.
The new owner paid $11 million for the asset, as revealed by Boston Business Journal. The company intends to invest in property enhancements, including new sidewalks, revamped landscaping and signage, as well as community events. Retail leasing is being handled by Kelleher & Sodowsky Executive Vice President Todd Alexander.
Anchored by supermarket Roche Bros., Bay State Commons is a 2-acre community center encompassing an array of dining, shopping, as well as health and wellness offerings. Boston Interiors, Reliant Medical, Boston Ski & Tennis, Ted’s Montana Grill and Panera Bread are among the tenant.
In addition to retail, Bay State Commons also encompasses office space. The property was completed in 2007 and also incorporates medical offices and restaurants, as shown by CommercialEdge.
Owners of retail properties are facing challenges in adapting to the shifting ways in which their spaces are utilized by customers, retailers and operators. The constant evolution of the retail sector is causing stress on owners to re-envision their properties and determine the optimal mix of uses.
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