Argosy Real Estate Partners Exits Bristol Place Shopping Center
On September 27, 2023, a partnership controlled by Argosy Real Estate Partners exited its investment in Bristol Place, a 415,000 sf grocery-anchored shopping center located in Attleboro, MA (Boston MSA). Bristol Place was sold to a private real estate investment firm.
In July 2019, Argosy partnered with Unison Realty Partners to acquire the property in an off-market transaction. Built in 1992 and renovated in 2013, the property was 88% leased at acquisition and is anchored by Home Depot, Market Basket, Hobby Lobby, and T.J. Maxx. Market Basket is a dominant regional grocer in New England. The property is well-located on the region’s most concentrated retail corridor, at the southeast corner of U.S. Route 1A and Interstate 95 and is directly adjacent to the South Attleboro MBTA rail station. During the partnership’s ownership, leases were executed with Burlington, Edge Fitness, Starbucks, and a variety of small shop tenants, bringing the property to 94% leased with 8 years of weighted average lease term (WALT). The property was sold in a competitive bidding process, with strong interest that indicated the attractiveness of the asset despite the current challenging capital market conditions.
Unison Realty Partners is an experienced owner and operator of retail centers based in Boston, Massachusetts.