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MGM Reopens Casino in Springfield, Massachusetts, at 25 Percent Capacity

by Alex Tostado

Springfield, Mass. — MGM Resorts International (NYSE: MGM) has reopened its casino in the western Massachusetts city of Springfield at 25 percent of its original capacity due to the COVID-19 pandemic. As of July 13, there were 112,000 confirmed coronavirus cases in the state of Massachusetts and 8,330 deaths. At this time, the resort’s 240-room hotel and spa remain closed, limiting the amenity options for guests to the 125,000-square-foot casino and three of the property’s food and beverage establishments, which will also operate at limited occupancies. Valet parking is also …

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Company newsMassachusettsNewsRestaurants

Dunkin’ Commits to Hiring 25,000 Workers Nationwide As Reopening of Economy Accelerates

by Alex Tostado

Canton, Mass. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. On Friday, …

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From The MagazineMassachusettsRetailers

Tuscan Village Brings Modern Retail to Boston’s Steadily Expanding Northern Corridor

by Alex Tostado

In Salem, New Hampshire, work is underway to construct Tuscan Village, a 2.8 million-square-foot mixed-use project anticipated to meet the growing demands of the area.  The center, located on a 170-acre site about 30 miles north of Boston, just over the state line, has grown in recent years as the Boston market steadily expands northward. While the corridor along Interstate 95 has steadily developed, the corridor northward along Interstate 495 has been relatively underdeveloped, as has the area along Interstate 93. Just to the north of the juncture of I-93 …

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DevelopmentMassachusettsNewsRetailers

Architectural Heritage Foundation Underway on 15,574-Square-Foot Retail Redevelopment in Boston

by Alex Tostado

Boston — Architectural Heritage Foundation is underway on the redevelopment of Charles River Speedway in Boston, a project that will deliver a 15,574-square-foot retail complex. The site is located in the Allston-Brighton neighborhood of Boston and includes the former racetrack administrative building and garage facility, which is a registered historic property. Local craft brewery Notch Brewing will anchor the project with a full brewery, taproom and beer garden, along with other restaurant and retail tenants and event spaces. Construction is slated for completion in December.

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Company newsMassachusettsNewsRetailers

Stop & Shop to Donate $1 Million to Support Regional Food Bank Partners in Fulfilling Coronavirus Needs in Northeast

by Alex Tostado

Quincy, Mass. — Stop & Shop, a metro Boston-based regional grocer, will donate $1 million to support its food bank partners across the Northeast in their efforts to fulfill community needs amid the coronavirus outbreak. Proceeds will fund workers who may not be compensated during temporary work closures, as well as to support children without access to free meals at school and existing clients who currently face food insecurity. The donation will be divided among the grocer’s 13 partners, including Greater Boston Food Bank, Rhode Island Community Food Bank and …

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Company newsMassachusettsNewsRetailers

Parent Company of T.J. Maxx, Marshalls Closes All Stores, Distribution Centers for Two Weeks

by Alex Tostado

Framingham, Mass. — TJX Cos., the Framingham-Mass.-based parent company of T.J. Maxx, HomeGoods and Marshalls, has closed all stores under its brands for two weeks in response to the coronavirus outbreak, according to a statement from company CEO and president Ernie Herrman. In addition to T.J. Maxx (approximately 1,200 stores in the United States), HomeGoods (700) and Marshalls (1,000), the corporation also owns Sierra and Homesense, which have a combined 43 stores in the United States. TJX will also be closing all of its online businesses, distribution centers and offices.

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EntertainmentInvestment salesMassachusettsNewsRetailers

Marcus & Millichap Brokers Sale of 12-Screen AMC Theater in Tyngsboro, Massachusetts

by Alex Tostado

Tyngsboro, Mass. — Marcus & Millichap has brokered the $7 million sale of a 12-screen AMC Theater in Tyngsboro, located approximately 35 miles northwest of Boston. Located at 440 Middlesex Road, the 39,474-square-foot theater originally opened in 1991. The building was recently renovated to improve all 12 screening rooms, the roof and the parking lot, and now includes a full bar. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap represented the undisclosed seller in the transaction. Russell Wachtler, also with Marcus & Millichap, represented the buyer, a …

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Grocery-anchoredInvestment salesMassachusettsNewsRetailers

JLL Income Property Trust Acquires Milford Crossing Shopping Center in Massachusetts for $42 Million

by Alex Tostado

Milford, Mass. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired Milford Crossing, a 160,000-square-foot shopping center located approximately 40 miles southwest of Boston, for $42 million. A Stop & Shop grocery store anchors the shopping center, which was 99 percent leased to restaurants, medical, fitness and service-oriented retailers at the time of sale. RD Management LLC was the seller.

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Grocery-anchoredInvestment salesMassachusettsNewsRetailers

Crosspoint Associates Buys 81,702-Square-Foot Amherst Shopping Center in Central Massachusetts

by Alex Tostado

Amherst, Mass. — Metro Boston-based investment firm Crosspoint Associates Inc. has purchased Amherst Shopping Center, an 81,702-square-foot retail asset in the central Massachusetts city of Amherst. Built in 1997 and anchored by Big Y Supermarket and CVS, the property was 97 percent leased at the time of sale. Additional tenants include Dunkin’, Goodwill and Supercuts. Nat Heald and Chris Angelone of JLL represented the undisclosed seller in the transaction. The price was not released.

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Investment salesMassachusettsNewsRetailers

Avison Young Brokers $7 Million Sale of Two Retail Properties in Metro Boston

by Alex Tostado

Needham and Newton, Mass. — Avison Young Commercial Real Estate has brokered the $7 million sale of two retail properties in Needham and Newton, two western suburbs of Boston. The property in Needham, a 15,609-square-foot retail center located at 238 Highland Ave., is leased to Needham Montessori School, Mandarin Cuisine Restaurant and Needham Nail & Spa. The property in Newton, a 3,588-square-foot building located at 106 Needham St., is leased to fitness equipment distributor Gym Source. Brandon Dickinson of Avison Young represented the seller, Terrazzino Investment Trust, in the transaction. …

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