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 of 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.
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