Buyer Takes Shaw's Plaza in Sharon With $10M Offer

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SHARON, MA-In a deal that gives the new owner its first acquisition on the East Coast, a Santa Monica, CA-based real estate group has acquired a 103,827-sf grocery-anchored shopping plaza here. Worthe Real Estate Group took the site for $10.4 million.

The firm beat out at least a dozen other contenders for the asset, which is the town’s only shopping plaza. The plaza, anchored by a Shaw’s grocery store, is fully leased to tenants that include Brooks Pharmacy, Sharon Cinemas, Dunkin Donuts, UPS Store, Citizens Bank, Blockbuster and a KinderCare Learning Center.

Geoff Millerd, senior director at Cushman & Wakefield, tells GlobeSt.com that the town’s only shopping plaza drew widespread interest from investors during its four weeks on the market. “We had intense competition for the property. Shaw’s Plaza is a successful center in part, due of its diverse array of retailers that generate foot traffic across a broad spectrum.” The sellers were Sharon Investment Partners LLC and Simeone Residential Properties II LLC.

Millerd says Worthe saw the property as a good deal for its first East Coast venture and made a “very aggressive” offer to acquire it. Set on approximately 11.8 acres immediately adjacent to Exit 8 off Interstate 95, Shaw’s Plaza features 566 surface parking spaces and 10 individual stores with more than 460 linear feet of frontage along South Main Street.