TRB had repped the previous owners in 2003 for the sale to Kent and was brought on exclusively for this transaction by the seller. In a statement, Blakely explains that this deal in the current market is "a very complicated transaction that involved a loan assumption with Wells Fargo." Currently, the center is anchored by Market Basket and Big Lots with 24,260 sf of climate-controlled storage space. The building sold for $6.75 million in 2003 while fully-leased. Under the current deal, 17,000 sf of the total 65,000 sf is empty.

Lenger tells GlobeSt.com, the new owners--a group of four friends who remain undisclosed--will add "new signage" and "significant capital improvements." The building will get a facelift as the group will put "about a quarter-million dollars in, resurface the parking lot" and modernize the façade. Lenger remarks that the building has "tremendous upside potential" for profit in a good buyers market.

Retail centers are a solid value and recently, numerous properties have been changing hands. Two separate Walgreens-anchored retail centers went for $11 million in Danvers. Similarly, the former landmark harness racing track turned retail plaza--Roosevelt Raceway Center--was corralled for just over $103 million down in Westbury, NY.