The 30,000-sf acquisition is one of six Service Merchandise locations the Minneapolis-based consumer electronics retailer acquired recently. The other locations are in Alabama, Florida, Indiana, New York and North Carolina.
"These locations offer us immediate presence in key markets which historically are difficult to expand in," says Pat Matre, vice president of real estate for Best Buy.
While some of the transactions involved purchasing the land and building outright, the acquisition in Saugus was a purchase of the leasehold interest of Service Merchandise, according to a Best Buy spokesperson. She tells GlobeSt.com that a Best Buy store will open at the site by this February.
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