Brand Street Properties’ asset management platform provides a hands-on, integrated suite of services including leasing, property management, construction management, and investment management.
A 150,000 SF, Roche Brothers Supermarket anchored community shopping center located on Cape Cod, in the vibrant year-round community of Mashpee, MA. Junior anchors complimenting the Roche Brothers grocer include Marshalls, HomeGoods and Walgreen’s Pharmacy.
The property was acquired in 2015 by an institutional investment group, who we strategically partnered with to provide 3rd-party management, leasing, and development services. The center was 85% occupied at inception, with a tenancy that heavily consisted of short-term mom and pop businesses paying below market rents.
The business plan focused on correcting the original site plan, which was dysfunctional and inefficiently laid out. By properly re-distributing the parking areas and reconfiguring certain poorly positioned improvements, we upgraded the site plan allowing customers to access tenant stores more seamlessly. The added parking stalls and removal of ill-conceived, unleasable areas greatly enhanced the viability of the property’s various merchants and ultimately, the long-term stability of asset. Over a 3-year period, we brought the property’s occupancy rate up to the mid-90% range and increased NOI by 22%. This included the addition of a new HomeGoods junior anchor to the tenant mix.
3rd-party property management & development with Ares Management.
A 480,000 SF, regional shopping center approximately 30 miles north of Boston. The property is located off Route 213 between I-495 and I-93 and serves Boston’s northern suburbs, the Merrimack Valley, and southern New Hampshire. Major tenants include AMC Theatre, Old Navy, Marshall’s, Planet Fitness and Starbucks, along with shadow anchor Home Depot, and neighboring Target, Walmart and Market Basket
The Loop was developed in 2000 and was originally anchored by a 65,000 SF Stop & Shop grocery store. Stop & Shop elected to not renew their lease and vacated the property. After a failed effort to sell the property in 2018, ownership entered into a strategic joint venture with us to reposition and stabilize the asset. Following a comprehensive re-leasing effort, and the subdivision of the former Stop & Shop box, we were able to fill the center with a mix of national and strong regional tenants and developed additional pad sites to grow the property’s GLA. Over a period of 3 years, occupancy was brought to 100% and sales volumes increased significantly.
Joint Venture Partnership with Invesco.
The property was sold to a private real estate investment firm in 2022.