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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 portfolio comprising the in-line Acton Mall and four separate buildings.

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

“The retail market has been hot for the last year, because the office market has been weak, and retail is a very stable investment,” Geoff Millerd, senior director at Cushman & Wakefield, tells GlobeSt.com. “The demand for retail has been unbelievable. We had 12 offers on this property.” Millerd adds that Cushman has sold more than $400 million worth of retail properties this year in the six New England states.Bill Beckeman of Linear Retail, which has acquired 5 properties in the past year and is pursuing other like properties, concurs. “It’s a hot market right now, but I think that some sellers are seeing that this may be their window of opportunity, and are taking advantage of it.”

KBS Realty, the seller of the Nagog Plaza portfolio, owns and leases over 900,000 sf of property in Massachusetts, mostly concentrated in the Concord/Maynard area. The bulk of their property is office space, and 10 of the 16 properties listed on their website are 90% leased, with 7 fully leased. Nagog Plaza was the last straight retail property listed, but this does not necessarily mean that it is part of their strategy, as Millerd said that they were pursuing other properties in the area. Calls to KBS were not returned by deadline.

Located on Route 2A, Nagog Plaza was constructed in 1971, and has had a series of updates to the property, the most recent being 1985. The four buildings are occupied by the Scupper Jack’s and Bickford’s restaurants, Integrated Projects and Glenwood Kitchens. The Acton Mall has 2,400 sf of frontage to Route 2A.

C&W’s Financial Services Group of Robert E. Griffin, Millerd, and Ryan B. Cox represented the seller and procured the buyer in the transaction.

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