Time Equities purchased the facility, which was built from 1991 to 1994, from Price Legacy Corporation, a Maryland-based company, for $15.3 million or approximately $71.25 per sf. The center is located on the east-west corridor in the Seekonk area, which is just outside of Providence, RI and Boston. It is composed of five, one-story buildings on 43.2 acres, including an undeveloped parcel of land that is considered prime real estate because of its highway frontage. According to a spokesperson for Time Equities, the company has no immediate plans to develop the parcel. Parking is available for 1,200 cars on the site.
The property is 98% leased by tenants that include Pier 1 Imports, Jennifer Convertibles, Circuit City, Sports Authority, Staples, Big Lots, Don Mar Frames, Supercuts, General Nutrition Corp., Mattress Giant, Casual Male and Work 'n Gear.
Francis Greenburger, CEO of Time Equities, says, "Seekonk Crossing presents an opportunity to acquire a retail shopping center in a rapidly growing infill location. We expect the property to generate a growing positive cash flow." Greenburger adds that the center benefits from a "reduced degree of risk" thanks to its location and diversity of tenants.
Despite the difficulties most sectors of the commercial real estate market have been facing with the downturn in the economy, the shopping center sector has managed to remain stable both in level of activity and in pricing. Local industry experts attribute this to long-term leases and a typically loyal customer base, especially in supermarket-anchored shopping centers. In the past six months alone, shopping centers have changed hands in West Bridgewater, MA, Lawrence, MA, Gilford, NH and Tilton, NH.
Founded in 1968, New York-based Time Equities, Inc., a real estate investment, development and management company, currently holds 12 million sf of residential, industrial, office and retail property in 19 states and in Canada.
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