"There is a lot of interest in supermarket-anchored centers in the market now," says Geoffrey Millerd, vice president at Spaulding & Slye Colliers. Millerd, along with Spaulding & Slye Colliers senior vice president James M. Koury, represented the seller in the deal and introduced the buyer.
Tenants at the mall include Shaw's supermarket, Big Lots and Fleet Bank. The mall also has 37,000-sf of vacant space, which represented a lot of "upside potential," notes Millerd, to possible buyers. "The place was bought on in-place income," he says. "The current rent rolls generate a certain amount of income but the returns will be even higher when they get the [vacant space] leased."
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