(For more retail coverage, click GlobeSt.com/RETAIL.)
NORTH ATTLEBORO, MA-It didn't take long for the bidding to heat up when a 105,042-sf, fully leased community shopping center went on the market on heavily traveled Route 1 in North Attleboro. Three weeks after Fashion Crossing went on the block, more than 15 prospective buyers came with offers in hand, hoping to walk off with the prized asset. But the REITS, private buyers and institutional investors were no match for global real estate company Rreef, whose $28-million high-priced offer brought home the property's title.
"It was a very competitive process," Geoffrey Millerd, with Cushman & Wakefield's Boston-based Capital Markets team, tells GlobeSt.com. "We had more than 15 offers from across the buyer spectrum."
The offering's popularity is a factor of Fashion Crossing's location across the street from the Emerald Square Mall as well as its roster of high profile national tenants, which include two anchor stores, Marshalls and Old Navy, along with Pier I, Panera Bread, Longhorn Steakhouse and Game Stop, Millerd says.
"It's just a great piece of real estate that sits in the center of a great retail market," he notes, explaining the strong investor interest in the property "It's in a very attractive market that has population growth and there is rent growth in the investment."
Fashion Crossing also draws synergy from a number of sources, including the 1.1-million-sf Emerald Square Mall and a power center situated behind the property, Millerd says.
Developed in 1990 by Packard Development, the L-shaped complex sits on 11.8 acres on the heavily traveled Route 1 retail corridor in one of the fastest growing regions in New England.
The acquisition by Rreef is one of several retail properties owned by the global investment giant in New England. The company also has retail holdings in Saugus and Raynham, both in Massachusetts, and in Salem, NH.
The transaction was handled for the undisclosed seller by Millerd along with Robert Griffin, and Michael d'Hemecourt, also with C&W. The colleagues also procured the buyer in the deal.
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