Real estate trust buys Milford Crossing for $42M
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Milford Crossing
A Chicago real estate investment trust has brought the Milford Crossing shopping center for around $42 million.
The plaza on Medway Road just off I-495 reopened in 2017 after a major overhaul by a New York developer and is anchored by a Stop & Shop, T.J. Maxx and HomeGoods. Other tenants include a Chipotle Mexican Grill, a Red Heat Tavern, CycleBar, Hair Cuttery and a Sketchers shoe store.
JLL Income Property Trust, a real estate investment firm, announced the deal Jan. 30. The transaction has not yet closed with the Worcester Registry of Deeds.
The 160,000-square-foot plaza was nearly vacant when Kmart, the steakhouse Bugaboo Creek and World Gym left in less than a two-year span starting in 2014. A $20-million overhaul remade the Kmart building and added a new structure where CycleBar, Chipotle and others are located.
The renovation was enough to convince Stop & Shop, T.J. Maxx and HomeGoods to each leave Milford's Quarry Square Shopping Center about a mile away off East Main Street.
Milford Crossing is now 99% occupied, according to JLL Income Property Trust.
RD Management, the New York firm that owned Milford Crossing, also owns Twin City Plaza on the Fitchburg-Leominster line.
RD Management bought the Milford site in 1999 for $200,000, according to town property records. The 14-acre site was last assessed by the Town of Milford at $3.9 million.
The sale price for Milford Crossing far surpasses two other Central Massachusetts shopping centers changing owners in the past few months.
The Greendale Mall in Worcester, which is mostly vacant and is planned to be knocked down in favor of a new mixed-use development, was bought by a Boston real estate developer in December for $7.1 million. The Mall at Whitney Field in Leominster was bought by a Georgia firm in December for $16 million.
WBJ Web Partners
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