Three RI Stop & Shop Supermarket Developments Sold As Part of $295M Sale

Three RI Stop & Shop Supermarket Developments Sold As Part of $295M Sale

The Inland Real Estate Group of Companies has purchased a portfolio of 11 Stop & Shop grocery store locations throughout Massachusetts, Rhode Island, and Connecticut for a combined $295 million.

The package of properties included the following properties in RI: 595 Smithfield Road, North Smithfield; 446 Putnam Turnpike, Greenville; and 333 West River Sreet, Providence.

The Inland Real Estate Group of Companies, Inc., which is headquartered in Oak Brook, Illinois, employs more than 1,000  nationwide. Inland states that it owns and manages hundreds of millions of square feet of various commercial property types in 49 states.

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Winstanley Enterprises and Surry Equities sold the single-tenant retail portfolio, which spans a combined 748,141 square feet.

The Boston Business Journal reports, "The acquisition comes as grocery sales have risen amid the Covid-19 pandemic, with lockdowns keeping people cooking at home instead of dining out, according to JLL’s recent Grocery Tracker report. Many investors still have eyes on grocery-anchored retail centers, the report said. Though the volume of single-asset transactions valued over $5 million dropped 55.1% in 2020, pricing fell just 1.8%, the JLL report said.”

“Covid-19 has had little impact on pricing as investors across the spectrum see grocery-anchored centers as a safe investment. Grocery centers typically show strong performances during down markets, and this was certainly the case during 2020,” JLL researchers James Cook and Taylor Coyne wrote in the grocery report. “Single-tenant grocery assets and grocery-anchored retail under 100,000 square feet will be one of the most sought-after asset classes during the recovery.”

Quincy-based Stop & Shop is a division of Ahold Delhaize USA Inc.