The Loop totals 338,034 sf and consists of two main buildings and six "out" parcels. The center was developed two years ago and is situated on 46 acres. It is currently 100% leased to 27 tenants including its anchor stores, Super Stop & Shop, Loews Theatres, Borders Books, Old Navy and Marshalls.
In a released statement Scott I. Oran, a principal with Lend Lease Real Estate Investments who negotiated the transaction, points out that the acquisition is an opportunity for the company to get a "well-located retail property in supply-constrained New England." He adds that the center caters to a "dense trade area with strong demographics. It provides its customers with a unique merchandising mix including convenience retail, 'big box' retailers, entertainment, and 'lifestyle' tenants."
Despite the recent difficulties in the commercial real estate market in general in this area, the grocery-anchored shopping center market shows no indication of a slump. Two Shaw's anchored shopping centers recently sold in Tilton and Gilford, New Hampshire for a combined total of $24.35 million.
Spaulding & Slye Colliers senior vice president Jim Koury, one of the brokers on those deals, attributes the high pricing and unusually strong buyer demand for these types of properties to economic and real estate factors. "It is rare to simultaneously experience a slowdown in the office investment market, low interest rates, an uncertain stock market, large amounts of equity capital seeking to acquire shopping centers, and very little retail available for sale," notes Koury. "The best prices paid are for shopping centers that are occupied by dominant grocers with above average sales, longer term leases, are in areas with strong demographics and barriers to entry for new competitive centers."
As part of the Lend Lease Group, Lend Lease Real Estate Investments is one of the largest real estate investment managers in the world. The company has $35 billion in real estate and commercial mortgages under management for institutional and private clients in the U.S.
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