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ROCKLAND, Mass. -- The Tedeschi family will continue to operate and franchise 200 convenience stores in the area, but Tedeschi Realty Corp. has sold 25 of its strip retail centers, mostly in Greater Boston, to take advantage of the enormous run-up in commercial property values, the Boston Globe reported.
The shopping centers were sold to Dividend Capital Total Realty Trust, based in Denver, for $377 million -- the largest such transaction in Massachusetts history. Tedeschi Realty, which was represented by real estate firm Jones Lang LaSalle, closed on the sale of 22 of the 25 properties earlier this month, and three more sales will be completed soon.
The majority of the centers sold are anchored by a supermarket, in most cases Super Stop & Shop, but also Shaw's in some. The portfolio includes shopping centers primarily located in southeastern Massachusetts, between Braintree and Orleans on Cape Cod. Among those being sold are Tedeschi Plaza in Braintree; Kingsbury Square in Kingston; Skaket Corners Plaza in Orleans; and Cranberry Plaza in Wareham. Other locations include Weymouth, New Bedford, Rockland, Hyannis, Harwich, Brockton, Cranston, R.I., and Meriden, Conn., according to the newspaper.
"The timing was great," Terrence Tedeschi, president of Tedeschi Realty and son of the founder of the food and real estate company, told the Boston Globe. "Interest rates have been low, valuations have been very high and the portfolio was in good shape."
Although Tedeschi Realty is selling almost all of the shopping center properties, another division of the family company will continue to operate the convenience stores. "Nothing relating to the food business has been sold or is for sale," Tedeschi noted.
In other Tedeschi news, Joe Hamza has been promoted to vice president of sales and marketing for Tedeschi Food Shops Inc., which currently operates 196 corporate and franchise locations in Massachusetts, New Hampshire, Rhode Island and Connecticut under the banners of Tedeschi Food Shops, Li'l Peach and Store 24.
Formerly director of marketing, Hamza will now be responsible and oversee all facets of sales, marketing, merchandising and advertising for the company's locations.