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$377M Portfolio Changes Hands

Tedeschi Realty Corp. of Rockland yesterday sold 25 shopping centers, most in Greater Boston, to a Colorado company for $377 million, in the largest transaction of its type in Massachusetts history.

The Tedeschi family will continue to operate and franchise 200 convenience stores in the area, but it packaged and sold its strip retail centers, taking advantage of the enormous run-up in the values of commercial property.

The buyer is Dividend Capital Total Realty Trust, based in Denver. Tedeschi Realty was represented by the real estate firm Jones Lang LaSalle.

"The shopping center strip came into its own in the 1950s, and this is the strongest pricing we've seen generated historically," said James M. Khoury, managing director of Jones Lang LaSalle, who has specialized in the sale of retail property since the 1980s.

More at the Boston Globe.

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