Federal Realty Investment Trust has sold Saugus Plaza, a 165,800-square-foot neighborhood shopping center anchored by Stop & Shop Supermarket and Floor & Décor in the Boston suburb of Saugus, Mass., for $39.5 million.

The Grossman Companies, Inc. and Boston-based North Colony Asset Management acquired the asset.

Stop & Shop, New England’s largest grocer, has called Saugus Plaza home for more than 40 years.  The 97-percent-leased center’s diverse tenant mix also includes Buffalo Wild Wings, North Shore Liquor and King Crab.

Located in a core location about eight miles from downtown Boston, Saugus Plaza is positioned on 16.58 acres at 180 Main St. along the high-traffic U.S. Route 1, a primary retail and commuter corridor with more than 110,000 vehicles per day. It is adjacent to the Simon-owned Square One Mall in a growing area with more than 1,157 multi-housing units being developed.

“We are very pleased to have been involved in the sa