ACTON, MA-Wellesley-based Alevizos Group has acquired the Nagog Plaza here from KBS Realty Advisors for $10.3 million. Nagog Plaza is a 58,197-sf retail asset comprising the in-line Acton Mall and four separate buildings.

The acquisition marks the second retail property picked up by Alevizos this year. In late winter the investment firm acquired the Southbridge Fair, a 150,000-sf supermarket-anchored retail property in Southbridge, MA for $10.4 million.

"The retail market has been hot for the last year," Geoff Millerd, senior director at Cushman & Wakefield, tells Globest.com. "It's a very stable investment and the demand has been unbelievable. We had 12 offers on this property." Millerd added that C&W has sold more than $400 million worth of retail properties this year in the six New England states.

Other professionals dealing in retail agree with that assessment. Bill Beckeman of Linear Retail, which has acquired five properties in the past year and is pursuing other like opportunities, sees similar opoprtunities. "Some sellers are seeing that this may be their window of opportunity, and they're taking advantage of it."

KBS Realty, the seller of the Nagog Plaza portfolio, owns and leases more than 900,000 sf of property in Massachusetts, concentrated mostly in the Concord/Maynard area. The bulk of its property is office space, and 10 of the 16 properties listed on the company website are 90% leased.

Nagog Plaza was actually purchased as part of a larger buy, according to KBS Eastern regional president Charles Lindwell. The retail was "purchased as part of a larger property, Nagog Office Park," he explains, "Our plan was to stabilize the asset and return the money to the investors. The retail portion stabilized more quickly."In all, Nagog Office Park encompasses 14 buildings located off Route 2A/119. KBS retains nine buildings totalling 387,000 sf of office space.

C&W's Robert E. Griffin, Millerd, and Ryan B. Cox represented the seller and procured the buyer.