The Granite Street Plaza in Quincy on Granite Street has been sold to The Grossman Cos. Inc.
The plaza spans 100,000 square feet and was purchased for $41.5 million with a mortgage of $25.5 million from the Salem Five Bank. The Grossman Cos. Inc. is a family-owned real estate firm based in Quincy that is over 120 years old. It owns and manages about 2.5 million square feet of residential and commercial properties in New England.
The Granite Street Plaza is across the street from the Granite Place shopping plaza which is also owned by Grossman. Anchors at the Granite Street Plaza are Walgreens and Star Market. Banner printing is often used at such sites to inform residents of such sales and potential developments at such sites.
The retail investment sales practice of the CBRE Group, Inc., is a commercial real estate services and investment firm and represented ownership in the sale. Nat Heald, the head of the practice in New England for CBRE, expressed his pleasure in being involved in this transaction which was a smooth process.
David Grossman and Jacob Grossman are co-presidents of the company and the fifth generation of the family to run the business. They expressed excitement about owning this property in the heart of the city of Quincy and added that they are committed to the city and looking forward to the evolution of the property in the coming years.
