Stop & Shop plaza in Framingham sold as part of $70M portfolio
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A plaza anchored by Stop & Shop at 19 Temple St. in Framingham
A Framingham shopping plaza along Route 9 was sold for $15.7 million as part of a four-property, $70-million portfolio sale by The Necessity Retail REIT.
The buyer was an affiliate of Miami-based Orion Real Estate Group, which has a portfolio exceeding $1 billion, according to the company’s website. Orion has offices in New York and Switzerland and specializes in a number of real estate services, including sale leasebacks, development and construction, and brokerage services.
The Framingham sale was recorded on Thursday by the Middlesex South Registry of Deeds.
The seller was an affiliate of The Necessity Retail REIT, a publicly traded company on the NASDAQ, which in February 2022 changed its name from American Finance Trust. The company falls under the umbrella of AR Global Investments, LLC of New York City.
Neither Orion Real Estate Group, nor The Necessity Retail REIT responded to requests for comment.
Other Stop & Shop locations in the $70-million portfolio were in Malden, Swampscott, and Bristol, Rhode Island.
"The sale of this portfolio is an example of our commitment to strategically dispose of assets that have reached their full value, as demonstrated by the favorable pricing we received," Michael Weil, CEO of The Necessity Retail said in a Tuesday press release. "The net proceeds generated by this sale will be used to further reduce debt as we continue to execute on our previously announced leverage reduction initiative.”
The Framingham property was last purchased in 2006 for $15.7 million, by Inland American Framingham LLC, of Newport, Rhode Island, which later changed its name to ARC HR5SSMA003, LLC. That corporation is an affiliate of the Necessity Retail REIT.
CORRECTION: A previous version of this story said that a location in Cumberland, Rhode Island was sold. The location in Bristol, Rhode Island was sold.
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