William J. Beckeman, a partner at Finard & Company, a retail real estate service firm, represented the owner in the transaction and procured the buyer.
The 127,460-sf property is located on John Fitch Highway and includes 65,000 sf of retail space, a 24,260-sf climate-controlled self-storage facility, and 35,400 sf of outdoor storage units. The shopping center also includes a 40,000-sf Market Basket Supermarket that was not included in the sale. Retail tenants at the center include Big Lots, Rentway, Payless Shoe Source, Papa Ginos and Fleet Bank.
According to Finard's July 2003 retail review for Eastern Massachusetts, malls under 500,000 sf had a 9.4% vacancy rate as compared with 21% vacancy rate in 2001
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