The 103,000-sf mall is located at the intersection of Routes 290 and 495, next to the Pond Mall. The center is 100% occupied by a variety of tenants including Best Buy, Eastern Mountain Sports, Borders Books, DSW and the Olive Garden.
James M. Koury, senior vice president of Spaulding & Slye Colliers, exclusively represented the seller and introduced the buyer in the transaction.
"The sellers could not have picked a better time to sell," says Koury. "We were able to achieve record pricing for this type of stabilized, non-supermarket anchored strip center in New England." Koury says that in addition to the low interest rate environment, factors affecting pricing included its location at the intersection of two major highways and its newness. It is also the only shopping center next to a newer super regional mall with barriers to entry deterring the construction of additional centers, he notes.
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