Lakeway Commons, a 90,035-square-foot shopping plaza in Shrewsbury anchored by a Whole Foods Market, has been listed for sale. The plaza, built in 2018 at the former site of the Spag’s discount department store, has been listed for sale by New York-based Newmark, according to a listing posted to the firm’s website. The listing presents […]
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Lakeway Commons, a 90,035-square-foot shopping plaza in Shrewsbury anchored by a Whole Foods Market, has been listed for sale.
The plaza, built in 2018 at the former site of the Spag’s discount department store, has been listed for sale by New York-based Newmark, according to a listing posted to the firm’s website. The listing presents the plaza as a strong investment opportunity, with Whole Foods serving as the site’s anchor tenant. Whole Foods is expected to remain at the plaza for the foreseeable future.
The plaza does not include nearby residential buildings developed around the same time as Lakeway Commons. Â
The property is being marketed without a listing price. The Town of Shrewsbury has given the plaza a 2026 tax assessment value of $24.92 million, with the land accounting for $10.69 million and site improvements accounting for $14.24 million. Commercial properties with strong financials and low perceived risk may sell for more than their assessed value.
The listing notes the plaza is 99% leased, with 75% of the existing tenants having been at the site since it first opened. More than a quarter of the site’s leases expire within the next two years, which Newmark says gives a new owner the opportunity to secure higher rents.
The roughly 40,000-square-foot Whole Foods has 12 years remaining on its lease at the site, according to a Feb. 23 LinkedIn post from Jonathan Martin, managing director of Newmark’s Boston office. Â
Located at 193 Boston Turnpike, Lakeway Commons is owned by AEW Capital Management, a global real estate investment firm headquartered in Boston. The site was developed by Grossman Development Corp., a Framingham-based firm behind the Bay State Commons plaza in Westborough.Â
The site last sold for $2 million in 2016, prior to the Lakeway Commons development. Spag’s operated at the site from 1934 until 2004.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries. 
