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Old Connecticut Path plaza sold for $23.2 million

Posted by Jaclyn Reiss  December 30, 2011 12:59 PM

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Photo from Equity One, Inc.

Super Stop and Shop is the largest tenant of the Old Connecticut Path Marketplace, which changed owners last week for $23.2 million.

The Old Connecticut Path Marketplace in Framingham was sold this week to a new owner, for $23.2 million, over $13 million more than its town-assessed value.

Florida-based real estate investment firm Equity One, Inc. bought the property, which hosts a Super Stop and Shop, Fifth Avenue Liquors, Middlesex Savings Bank, and barbecue restaurant Firefly's, from Newton's National Development Associates of New England on Dec. 23, according to state land records.

The property is assessed at $9.9 million by the Town of Framingham.

The deal was a joint venture between Equity One and New York Common Retirement Fund.

"We are excited to add this highly productive grocery-anchored shopping center to our joint venture partnership with New York Common,” Equity One's CEO Jeff Olson said in a prepared statement. “Our Boston portfolio now includes seven shopping centers and is a key target market for future expansion.”

The plaza is located on Old Connecticut Path near Rte. 126 (Concord Street).

The 80,000-plus square foot shopping center is strategically located in the heart of the Framingham/Natick retail market, and benefits from the area's strong demographics and retail corridors, according to Equity One.

According to the new owner's research, the daytime population within a five-mile radius of the plaza is almost 80,000, hosting almost 53,000 households with a median income of $92,270.

Equity One owns seven other shopping plazas in Massachusetts: in Medford, Plymouth, West Roxbury, Cambridge, Quincy, Webster, and Swampscott.

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