FRAMINGHAM – Crosspoint Associates has acquired a 2.75 acre site adjacent to its Whole Foods Marketplace on Route 9 in Framingham, allowing the Newton-based developer to proceed with plans to significantly expand the upscale grocery store.
Formerly home to the Colonial Nissan auto dealership, the property includes a 19,500 square foot showroom/office/flex space.
The deal was brokered by Bernard Gibbons of the Cambridge-based Associated Brokerage Group (ABG), who represented the seller, Empire Management Corp., and procured the buyer.
“Grocery-anchored shopping centers have been one of the few bright spots for retail during this health crisis, and the acquisition of the Colonial dealership allows Crosspoint to expand the size of the store and retain its anchor tenant,” said Gibbons. “The strategic location on Route 9, coupled with the value that a Whole Foods delivers to a retail center, allowed us to achieve record pricing for this parcel.”
This spring, Crosspoint indicated to the Framingham Planning Board that if the store was not allowed to expand to conform to the Whole Foods prototype, the grocer would need to seek a new location.
The deal keeps Whole Foods in Framingham.
The acquisition of the site allows Crosspoint to expand the retail center – which currently includes a Starbucks, TD Bank, Pilates studio, a waxing salon and one vacant retail space – by 14,089 square feet to 77,249 square feet, with the Whole Foods store expanding by 7,163 square feet to 43,617 square feet.
The former Nissan dealership would be home to a mixture of new retail spaces, including a new building for Starbucks complete with a drive-thru area.
The new retail center is being designed by HFA. Boston Real Estate Advisors principal Craig A. Barker represented Crosspoint Associates in the transaction.
The City of Framingham had assessed the property at $2,925,000
Headquartered in Newton, Crosspoint Associates, Inc. has over 2,500,000 square feet of office, industrial and retail real estate under management throughout New England. Established in 1989, Crosspoint Associates, Inc. is a regional real-estate development, investment, and management company.
ABG is a locally owned commercial real estate brokerage firm, specializing in the sale and leasing of office, retail, industrial and other unique commercial properties throughout Greater Boston and Eastern Massachusetts. ABG distinguishes itself from larger conglomerates, as well as from other brokerage houses, by its “boutique-style” structure, which allows for a more personalized and creative client focus.