A 275,000 SF, Shaw’s anchored shopping center located along Route 9, the primary retail corridor in Central Massachusetts. Other key tenants include Planet Fitness, Petco, Red Wing Shoes, Party City, The Paper Store, Ideal Image, Five Guys, Elements, Jimmy’s Tavern, Bridgestone Autocare, and Santander Bank. The well-established but neglected asset had been operated by the property’s original developer for 40 years prior to our acquisition in 2011. We subsequently completed an extensive 4-year redevelopment plan, which included new storefronts and facades, new and reconfigured parking lots, new circulation patterns and drive aisles, added site lighting, infrastructure upgrades, monument and pylon signage upgrades and a new traffic light linking both sides of the property. Over the course of ownership, more than thirty retail spaces were either re-leased to new tenants or stabilized via restructuring / extending leases with in-place tenants. JV co-investment with Acadia Realty Trust. The property was sold to an institutional real estate investment fund in 2015.
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Category:
Retail -
Location:
Shrewsbury, MA -
Area:
275,000 SF -
Year Started:
2011
