Westford’s busiest shopping run just got a new owner, with the Market Basket-anchored Cornerstone Square plaza selling for $74 million. The deal puts a major suburban retail property along the Route 110 and I-495 corridor under the control of a national shopping-center operator.
According to Boston Business Journal, Regency Centers purchased the Cornerstone at Westford shopping plaza. The Jacksonville, Florida-based company owns and operates shopping centers across the country, including properties in the Boston market.
Why Cornerstone Square Drew A $74 Million Buyer
The property had been marketed as a 236,244-square-foot, 98%-leased grocery-anchored shopping center, according to JLL Capital Markets. The listing highlighted Market Basket as the anchor, along with Marshalls, HomeGoods, Petco, Eastern Bank, restaurants and several service businesses.
JLL also described the plaza as one of the state’s busiest shopping centers, citing more than 3.5 million annual visits and strong access from I-495. That combination of a high-traffic grocery anchor, established tenants and a suburban customer base is exactly the sort of retail real estate Regency says it targets.
Regency Centers describes itself as a national owner, operator and developer of shopping centers in suburban trade areas. Its property directory now lists Cornerstone at Westford at 175 Littleton Road, with two spaces shown as available.
What Westford Shoppers Can Expect To See
For now, the ownership change appears to be more significant on the investment side than in the checkout line. Cornerstone Square’s leasing materials describe a 238,411-square-foot, 31-acre center that is 98% leased and includes Market Basket, HomeGoods, Marshalls, Panera Bread, Petco and other retailers.
The plaza opened in 2012 after plans called for a roughly 240,000-square-foot project anchored by a 60,000-square-foot Market Basket, as Boston.com reported at the time. The sale does not come with any announced tenant departures or major redevelopment plans, so the immediate change for local shoppers may simply be a new name on the ownership paperwork.
