According to James Koury, vice president at Spaulding & Slye Colliers the power center sector of the retail market has been struggling over the past few years. Koury represented the seller along with Spaulding & Slye vice president Geoffrey Millerd.

A power center--as opposed to a shopping center--is defined by the percentage of anchor stores. A shopping center will generally have up to two anchors that comprise not more than 70% of the center, and a number of smaller stores. A power center is generally nearly all anchor stores, or at least 80% of its stores are anchors. In this center, which is 100% leased, the six tenants are Best Buy, Linens & Things, Comp USA, Michael's, Decathalon Sports, and The Party Center.

"The demand for power centers has been soft because many anchor stores have been troubled," notes Koury, who adds that the struggles of stores like Caldors, Bradlees, Ames and Kmart have hurt the power center sector.

Koury calls this property, a "diamond in the rough" emphasizing that it was a good deal for the buyer for a number of reasons, chief of which is that it is located in a super regional market, close to the Mall at Rockingham Park. Koury also points out that the area has high barriers to entry and because it's in a tax-free state, it draws buyers not only from the standard 15-mile radius but also from as far away as Boston. "This was a desirable center and a safe deal for the buyer," he says.