Saturday, November 23, 2024

Boston-Area Shopping Center Commands $86M

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The tenant roster at Colony Place features more than 50 stores and restaurants. Image courtesy of Newmark Knight Frank

The Rainier Cos. has sold Colony Place, a 393,566-square-foot Class A regional shopping center in Plymouth, Mass. The national commercial real estate investment firm sold the asset for $86 million.

DLC Management Corp. acquired the retail center with the help of a $57.9 million loan from Guggenheim Partners, according to public records.

Rainier acquired the two major retail components of the Colony Place mixed-use campus from Saxon Partners back in January 2020. Fortress Investment Group provided financing totaling $72.5 million for the acquisition, CommercialEdge data shows.


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The acquired retail components consist of The Plaza—a 230,497-square-foot power center—and The Village—a 188,473-square-foot lifestyle center. Over the past four years, the management team enhanced the tenant list, boosted occupancy rates and sold several individual parcels.

Anchored by Aldi and shadow-anchored by Walmart Supercenter, Colony Place has a diverse mix of national and regional tenants including Olive Garden, Best Buy, Dick’s Sporting Goods, Burlington, Michaels, TJ Maxx, Bath & Body Works, Ulta Beauty, Five Below, Game Stop and Starbucks, among others.

Boston’s retail scene

Located at 100 and 200 Colony Place, the shopping center is within Boston’s Plymouth County submarket. The property is close to the confluence of Route 3 and Route 44, the main junction which links Boston to southern Massachusetts and Cape Cod.

Boston’s robust consumer spending and limited supply of new space keeps the retail real estate market strong, according to a recent Marcus & Millichap report. With vacancy rates dropping below 3 percent for the first time in over five years, the average asking rent is expected to rise to $21.85 per square foot, according to the same source.

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