Mark Weld, managing director for New York City-based ING's Boston office, tells GlobeSt.com the price included the assumption of approximately $20 million in debt on the asset. The seller, he says, is a partnership consisting of a family trust that is not located in this area. James M. Koury of Boston-based Spaulding & Slye, a member of Jones Lang LaSalle Group, marketed the property and negotiated the transaction.
The class A retail center, at 290 S. Broadway off Route 28, was built in 1999. It is 100% leased long term by six tenants; among them are anchor Best Buy, Linens n' Things, CompUSA and Michaels. Weld says rent rates are in the low $20s per sf, triple net, and the lease terms are "in the mid-teens with extension options, which makes this a very stable property for our client."
The location is just across the Massachusetts border, about 30 miles north of Boston and accessible from I-95. "Salem has established itself as one of the primary retail markets north of Boson with a favorable tax structure, tenant mix and persuasive demographics," Weld says. ING owns several Boston-area retail properties in joint venture with Chicago-based General Growth Properties. Among them is Natick Mall in Natick, MA, which is currently undergoing redevelopment and expansion up to 2.1 million sf. "We are very pleased to add the Village Shoppes to our portfolio," Weld says, adding, "We continue to look favorably on the retail market here."
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