X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SWANSEA, MA-One of the area’s oldest shopping centers is among three southeastern Massachusetts retail properties changing hands, with RK Associates paying $14.8 million to secure the portfolio. Other assets purchased from the Hayman Co. are Cranberry Crossing in Kingston and Taunton Shopping Center in Taunton.

The three properties “are well-positioned within their respective markets,” according to Cushman & Wakefield broker Geoffrey Millerd, a retail specialist for the capital markets group. Millerd was joined by C&W principal Robert Griffin and Michael d’Hemecourt in marketing the package for Hayman and procuring the buyer. Based in Troy, MI, the Hayman Co. had owned the properties since 1995, buying them for $8 million.

The largest is Swansea Place, an ell-shaped center with 170,000 sf and parking for nearly 900 vehicles. Built in 1974, Swansea Place has a prime infill location along Route 6, one of the region’s main thoroughfares. Between that road and the adjacent Interstate 195, the daily traffic count for Swansea Place approaches 90,000 vehicles, C&W reports.

“Swansea Place provides investors with significant value creation opportunities,” says Millerd, citing 110,000 sf of newly available space. Hayman Co. spent about $1.2 million to improve the asset during its tenure.

More than 75,000 vehicles traverse by Cranberry Crossing in Kingston, a 61,000-sf center whose location also is bolstered by an affluent consumer base. The average household income within a three-mile radius is $98,000, helping to boost revenue at the center.

The desirability of the Taunton Shopping Center along Route 44 is underscored by the recent renovation of an adjacent mall and a freestanding supermarket across the street, Millerd says. C&W places the traffic count for that retail center at 19,000 vehicles daily.

As with Swansea, both Cranberry Crossing and Taunton Shopping Center present opportunities to enhance revenue generation, Millerd says. The emerging South Coast submarket is already among the state’s most densely settled. Officials at the Southeastern Regional Planning & Economic Development District say the population will grow by another 8% this decade after rising 6% from 1990 to 2000.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.