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Lend Lease Acquires 338,034-SF Retail Center

METHUEN, MA-Lend Lease Real Estate Investments Inc. purchases The Loop, a 338,034 grocery-anchored retail center. The purchase was made on behalf of a pension fund client for an undisclosed amount.

By Naomi Grossman | Updated on April 25, 2002

METHUEN, MA-Lend Lease Real Estate Investments, Inc. purchased The Loop, a grocery-anchored retail center. The purchase was made on behalf of a pension fund client for an undisclosed amount.

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.”

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