X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

NORTH ATTLEBORO, MA-It didn’t take long for the bidding to heat up when a 105,042-sf, fully leased community shopping center went on the market on heavily traveled Route 1 in North Attleboro. Three weeks after Fashion Crossing went on the block, more than 15 prospective buyers came with offers in hand, hoping to walk off with the prized asset. But the REITS, private buyers and institutional investors were no match for global real estate company Rreef, whose $28-million high-priced offer brought home the property’s title.

“It was a very competitive process,” Geoffrey Millerd, with Cushman & Wakefield’s Boston-based Capital Markets team, tells GlobeSt.com. “We had more than 15 offers from across the buyer spectrum.”

The offering’s popularity is a factor of Fashion Crossing’s location across the street from the Emerald Square Mall as well as its roster of high profile national tenants, which include two anchor stores, Marshalls and Old Navy, along with Pier I, Panera Bread, Longhorn Steakhouse and Game Stop, Millerd says.

“It’s just a great piece of real estate that sits in the center of a great retail market,” he notes, explaining the strong investor interest in the property “It’s in a very attractive market that has population growth and there is rent growth in the investment.”

Fashion Crossing also draws synergy from a number of sources, including the 1.1-million-sf Emerald Square Mall and a power center situated behind the property, Millerd says.

Developed in 1990 by Packard Development, the L-shaped complex sits on 11.8 acres on the heavily traveled Route 1 retail corridor in one of the fastest growing regions in New England.

The acquisition by Rreef is one of several retail properties owned by the global investment giant in New England. The company also has retail holdings in Saugus and Raynham, both in Massachusetts, and in Salem, NH.

The transaction was handled for the undisclosed seller by Millerd along with Robert Griffin, and Michael d’Hemecourt, also with C&W. The colleagues also procured the buyer in the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.