MRS Management's top bid beat out both individual and institutional investors just 90 days after the property went on the market, Jon Aron, with NAI Hunneman Commercial, tells GlobeSt.com. Aron says competition for the asset was fierce because of the center's location on heavily traveled Route 1 near a number of other national and local businesses.
"White Birch Plaza represents a solid investment with excellent appreciation potential over an intermediate to long term time horizon," Aron says. "It was just an overall attractive property."
Developed in 1985, the plaza is home to 18 tenants, including Citi Financial, Supercuts, Weight Watchers, Papa Gino's. A freestanding restaurant which had been occupied by Wendy's for the last 20 years, remains vacant and is available for lease.
Seller Brad Associates of Reading, MA was represented in the transaction by Aron and Robert Tito, also with NAI Hunneman Commercial. That team also procured the buyer in the deal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
