WEST ROXBURY, MA-Equity One, which recently entered the Boston metropolitan market, has acquired the Joseph Devaney Fuel Co. property adjacent to its Shaw's supermarket here for $475,000. The owner, developer and operator of community shopping centers expanded into the Greater Boston market last fall when it purchased a six-property portfolio anchored by StarMarket/Shaw's and a Whole Foods store for $120 million.
The .33-acre 21 Springvale St. property is currently occupied by a 2,500-sf building that houses Devaney's office. It will be demolished to make way for 15,000 sf of additional retail space. Work is expected to start in the second quarter, according to Chaim Katzman, chairman and CEO of Equity One.
"The acquisition of the Devaney property is an important first step toward our goal of maximizing the value of the shopping center portfolio we acquired in the Boston metropolitan area earlier this year," says Katzman in a statement. The West Roxbury purchase was announced in tandem with the $3.8-million acquisition of Pinhook Plaza in Lafayette, LA.
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