DLC Acquires Two Additional Shopping Plazas from Federal Realty
20 Jun, 2007, Boston, MA
Cushman & Wakefield Handles $41.2 Million Transaction
Boston, Massachusetts -- June 20, 2007 -- Cushman & Wakefield today announced the $41,150,000 sale of Riverside Plazaand Key Road Plaza, two prominent shopping centers totaling 294,070 square feet and located in Keene, New Hampshire. Cushman & Wakefield's Capital Markets Group of Robert E. Griffin, Jr., Geoffrey Millerd and Michael d’Hemecourt exclusively represented the seller and procured the buyer -- Tarrytown, New York-based DLC Management -- in the transaction.
Riverside Plazaand Key Road Plazaare highly visible community shopping centers conveniently positioned in the heart of the Keene retail market along the heavily-traveled Route 10 retail corridor (with daily traffic in excess of 20,000 vehicles). The centers are situated directly across the street from one another, allowing for easy ingress and egress via a signalized intersection within a severely supply constrained retail market. Riverside Plazaand Key Road Plazaare both 100% occupied by some of the top retail tenants in the market today, including Shaw’s Supermarket, Wal-Mart, Staples, TJ Maxx, PETCO and Brooks Pharmacy.
RIVERSIDE PLAZA is situated on 21.16 acres of land immediately adjacent to Route 10 at the intersection of 10 and 101 in Keene, NH. The asset was substantially redeveloped between 1999 and 2003 and today is a first-class 217,936 square foot “L-shaped” center that is currently 100% leased. Boasting more than 425 linear feet of frontage along Route 10 (Winchester Street), the center is a highly visible retail destination that is conveniently accessed via a light controlled intersection. Riverside Plaza has clearly withstood the test of time as the dominant community center within the high barrier to entry Keene retail market, due in large part to anchor tenants -- Wal-Mart and Shaw’s Supermarkets, which recently expanded.
KEY ROAD PLAZA is situated on 7 acres of land adjacent to Route 10 in Keene, NH, across the street from Riverside Plaza. Substantially renovated in 2002, Key Road Plaza is a traditional shopping center totaling 76,134 square feet, which is 100% leased to Staples, TJ Maxx, PETCO, KB Toys and RentWay. In addition to the in-place tenants, a pad site of up to 7,500 square feet next to KB Toys can be constructed. The site is conveniently accessed via a signalized intersection which it shares with Riverside Plaza.
The sale of the assets to DLC completes a transaction with Federal Realty Investment Trust that also included Bath Shopping Center, a 101,124 square foot center located in Bath, Maine that sold for $21,750,000 in April 2007. The total consideration for this entire transaction is $62,900,000.
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Cushman & Wakefield is the world’s preeminent real estate services firm. Founded in 1917, the firm has 197 offices in 55 countries around the globe, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Manchester, New Hampshire; Hartford and Stamford, Connecticut; and Portland Maine. To find out more about Cushman & Wakefield, please call 617.330.6966, or visit the firm’s Web site at www.cushwake.com.Contact: Robert Griffin