200 Crown Colony Drive in Quincy, Massachusetts — Courtesy: The Hampshire Cos.
By Joshua Burd
The Hampshire Cos. has acquired a BJ’s Wholesale Club property outside Boston, the Morristown-based real estate firm announced Thursday.
In a news release, Hampshire said the 84,360-square-foot building is located at 200 Crown Colony Drive in Quincy, Massachusetts. The seller was Clarion Partners.
Terms were not disclosed. Chris Angelone, Nat Heald and Bill Moylan of JLL represented the seller in the transaction.
Hampshire said the property, located in a rapidly growing market, provides it with an attractive long-term investment providing significant flexibility for adaptive reuse options in the future.
The site is less than 12 miles from Boston and lies on the heavily trafficked Braintree Split, an intersection of Boston’s primary north-south artery, Interstate 93 and Route 3.
“Our decision to acquire the Quincy BJ’s property is consistent with our strategy of acquiring high-performing stable, assets in growing markets,” Robert T. Schmitt, a fund manager for Hampshire, said in a prepared statement. “Its proximity to Boston and the surrounding areas, as well as the long-term viability of the current tenant and exciting possible future uses as a mixed-use residential development, provide Hampshire with a well-positioned holding that will ensure long-term cash flows.”
Built in 2010, the single-tenant building sits on a 7.5-acre lot at the intersection of Crown Colony Drive and Centre Street, with 387 parking spaces, according to a news release. The Quincy BJ’s is in the middle of a long-term lease at the location and has 13 and a half years remaining.
“As Boston’s economy and population continues to grow, easily accessible suburbs like Quincy will be a popular residential destination for commuters and families and the retail opportunities present in these locations will continue to grow,” said John Goldsmith, a portfolio manager for Hampshire.