Don Mace, vice president of leasing for Finard & Co LLC represented property owner, Saugus Realty Limited Partnership in the transaction, while Ami Cippola of the Triad Group represented Famous Footwear. Mace tells GlobeSt.com that there is currently a lot of demand for retail space in the area and a lot of activity in the market. "Saugus is now its own market," says Mace, who notes that retailers are realizing that even if they have stores in Peabody or Danvers they can open a second store in Saugus."
Lease rates for this deal were not available, but according to Mace the average asking rent for retail space ranges from the mid $20s to the mid $30s per sf depending upon the size and the credit. Famous Footwear currently has 920 stores under the names Famous Footwear, Factory Brand Shoes, Supermarket of Shoes, and Warehouse Shoes.
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