- What Brasswater acquired its first retail assets in the U.S. on Jan. 29.
- Why The company is expanding its U.S. portfolio beyond industrial assets
- What next The company plans to expand aggressively in the U.S.
Brasswater has acquired two grocery-anchored shopping centres in Massachusetts for $26m, Green Street News can reveal.
The deal marks the Westmount, Québec-based firm’s first retail acquisition in the U.S., expanding its holdings in the country beyond industrial assets. Brasswater bought the properties, in Stow and Yarmouth, from Linear Retail Properties of Burlington, Mass.
The transaction closed on Jan. 29, with Atlantic Retail brokering the deal.
Stow Shopping Center, at 117-127 Great Road, spans 124,000 sq ft and is anchored by a Shaw’s grocery store. The property is 87% occupied.
Yarmouth Shopping Center, at 484 Station Avenue, comprises 63,000 sq ft and is fully leased, with Stop & Shop as its anchor tenant. The property includes a five-unit commercial condominium building and 2.3 acres of land.
“Our U.S. portfolio now totals close to 4m sq ft, and we will keep aggressively expanding in the country,” a Brasswater representative told Green Street News. “We believe in the asset class and aim to acquire more retail assets in the Northeast and Midwest in the near future.”
The acquisition aligns with Brasswater’s strategy to diversify its U.S. holdings beyond industrial properties, with a particular focus on grocery-anchored retail centers in key regional markets.
