Boston, Massachusetts – Our Net Lease Properties news today is on a pair of Retail Shopping Centers. A (JV) joint venture with Charter Realty & Development and Acadia Realty Trust purchased a pair of Massachusetts Retail Shopping Centers. The net lease properties had a purchase price that was $56 million. The net lease properties feature excellent access and visibility. These Net Lease Properties are positioned in the major commercial region of Worcester, the second largest city in the state. Shrewsbury is a very popular “bedroom community” with about 30,000 residents. This area provides a suburban atmosphere but still retains the closeness of a small community.
The net-leased, Historical Retail Shopping Center known as White City Shopping Center was one of the properties. This net leased property is located at 50 Boston Turnpike, in Shrewsbury, Massachusetts. This Retail Shopping Center has a recently renovated facade. The Retail shopping center is very busy and is anchored by Shaw’s Grocery Store and Michael’s Crafts. The Retail Shopping Center has more notable tenants including I Party, World Gym, Dress Barn and Dress Barn Woman. One of our favorite tenants at this net leased property is Panera Bread. This Retail Shopping Center has approximately 59,557 (VPD) cars passing by this location daily.
Also, White City Shopping Center is a supermarket-anchored retail shopping center that is situated on Route 9. This Retail Shopping Center with the great food establishments is the main draw during lunch for the locals businesses. This net leased retail shopping center can proclaim that about one third of the net lease tenants have been in occupancy for 20-40 years. This Massachusetts Retail Shopping Center is situated in an easy walking distance for over 23,000 local employees of the University of Massachusetts Medical School, UMass Memorial Hospital and the neighboring Biomedical Research Park.
The second Retail Shopping Center is known as White City East, and is positioned across the Quinsigamond Avenue. The net leased Retail Shopping Centers total 280,000 square-feet of leaseable space. The Retail Shopping Center, White City was built in the early part of the 1960’s. Some NNN Commercial Real Estate analysts see White City is a landmark retail shopping center for the community in the central Massachusetts retail area. The Retail Shopping Centers are currently about 95% net-leased. This net-leased Retail Shopping Center has been owned and managed by its original developer since the 1960’s.
Triple Net Lease Properties Buyers are often looking for the best deal for them as well they should. This transaction had the Commercial Real Estate Brokers praising this group of Triple Net Lease Properties Buyers. The Triple Net Lease Properties Buyers searched for a high quality retail shopping center with high occupancy and tenant longevity. Acadia Strategic Opportunity Fund III, LLC, is a discretionary investment fund that is managed by Acadia Realty Trust (“Acadia”).
A National Bank had a hand in this deal for the Investment Property financing. Loanrise.com offers a comprehensive assessment of your triple net lease properties financing needs whether it is for short term requirements or long-term goals.
Charter Realty & Development Corp. is a commercial real estate investment, development, and leasing company. This commercial real estate investment company specializes in retail properties and triple net lease properties. The commercial real estate investment Company was founded in 1993 by Paul Brandes and Daniel Zelson. Since its founding, Charter Realty & Development Corp. has acquired and developed more than forty retail shopping centers and freestanding net leased properties.
Contact Net Lease Properties to purchase Commercial Real Estate all across the Country. Net Lease Properties are excellent for a replacement property in a 1031 Exchange.
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