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.
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Category:
Retail -
Location:
Mashpee, MA -
Area:
150,000 SF -
Year Started:
2015
