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 at the end of 2022.
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Category:
Mixed Use -
Location:
Methuen, MA -
Area:
480,000 SF -
Year Started:
2019
