NEWS & RECENT TRANSACTIONS
Summit Realty Partners sells 92,646 +/- SF Village Mall in Methuen, MA for $12,500,000
Methuen, MA: November 16, 2021: Summit Realty Partners, Inc. is pleased to announce the recent sale of the Village Mall Shopping Center at 436 Broadway (Route 28) in Methuen, MA. The 92,646 +/- center with 17 tenants situated on 10.22 +/- acres sold for $12,500,000 ($135/sf) on November 10th, 2021.
The Village Mall is anchored by a diverse tenant mix including Jo-Ann Fabric & Craft Stores, Workout World, Dollar Tree and Ellie’s Farmhouse. The open-air shopping center benefits from excellent visibility and access to a fully lighted intersection on Route 28 that sees over 50,000 vehicles per day. The Village Mall is also centrally located at the intersection of Routes 28 and 213 which borders Salem, New Hampshire. The shopping center features a wide variety of retail and service tenants including Merrimack Valley Credit Union, Harrow’s Chicken Pies, EZ Access Dental and China Buffet among others.
The seller, 1180 Beacon Properties, Inc. and Village Mall, Inc. sold the property to a local buyer, Shri Swamine, LLC. The seller had owned the shopping center for over 40 years.
Chris McMahon, Travis Ginsberg, and Frank Normandin from Summit Realty Partners began providing leasing services at the property in 2016. Chris, Travis and Frank then formally listed the shopping center for sale and implemented a marketing strategy to advertise the property to large group of prospective buyers which included a custom property video that received over 687 views. Village Mall was 100% leased at the time of the sale.
With over 25 years of experience, Summit Realty Partners Inc. is a full service commercial real estate firm headquartered in Lexington, Massachusetts. For more information, please visit www.summitrealtypartners.com or contact us at 781.862.9700 X3 / go@sumrp.com. We look forward to hearing from you.
Summit Realty Partners client acquires 7,653 +/- SF brand new retail strip center
Chelmsford, MA: October 27, 2021: Summit Realty Partners, Inc. is pleased to announce its client’s recent acquisition of a newly built retail strip center occupied by Starbucks, Verizon Wireless and Aspen Dental at 21 Drum Hill Road, Chelmsford, MA. The 7,653 +/- square foot shopping center on 0.93 +/- acres sold for $6,711,000 ($877/sf) on October 6, 2021.
21 Drum Hill Road benefits from long-term leases with Starbucks, Verizon Wireless and Aspen Dental. The property was constructed in 2020, features a drive-thru for Starbucks, and is located in a prime retail corridor with over 21,500 vehicles per day.
Frank Normandin from Summit Realty Partners and Winslow Property Management represented the Buyer in the sale which was part of a 1031 exchange. Winslow Property Management will provide property management services.
With over 25 years of experience, Summit Realty Partners Inc. is a full service commercial real estate firm headquartered in Lexington, Massachusetts. For more information, please visit www.summitrealtypartners.com or contact us at 781.862.9700 X3 / go@sumrp.com. We look forward to hearing from you.
Summit Realty Partners sells 64,455 +/- SF shopping center
Haverhill, MA: October 20, 2021: Summit Realty Partners, Inc. is pleased to announce the recent sale of Rivers Edge Plaza in Haverhill, MA. The 64,655 +/- square foot shopping center on 7.14 +/- acres sold for $9,300,000 ($144/sf) on September 29, 2021.
River’s Edge Plaza is shadow anchored by Market Basket and benefits from its location on Route 97 in the densely populated Haverhill, MA market. The shopping center features a wide variety of retail and service tenants including Dollar Tree, Aubuchon Hardware, Massachusetts RMV, Burger King, Supercuts, Dunkin and others.
The seller, Rivers Edge Plaza Limited Partnership, sold the property to a local buyer, Evrotas, LLC who is affiliated with one of the tenant businesses located at the shopping center. The buyer is planning various capital improvement projects for the shopping center to maximize on this value-add opportunity.
Frank Normandin and Chris McMahon from Summit Realty Partners have been involved in managing and leasing the property since 2014 and brokered the sale. Winslow Property Management will continue to provide property management services and Summit Realty Partners will continue to provide leasing services at the shopping center.
With over 25 years of experience, Summit Realty Partners Inc. is a full service commercial real estate firm headquartered in Lexington, Massachusetts. For more information, please visit www.summitrealtypartners.com or contact us at 781.862.9700 X3 / go@sumrp.com. We look forward to hearing from you.
Summit Realty Partners brings 600 Broadway in Saugus, MA to 100% leased
Saugus, MA: October 6, 2021: Summit Realty Partners Inc. is pleased to announce a recent 1,618 square foot retail lease transaction with Premier Martial Arts at 600 Broadway (Rt. 1) in Saugus, MA that brings the shopping center to 100% leased. This nationally branded business joins For Eyes, FedEx Office and Bay State Physical Therapy at this 11,500 sf highly visible multi-tenant retail strip center situated in a prime retail corridor. When Summit Realty Partners first got involved with the property in 2015 it was fully occupied by Sleepy’s & FedEx Office. After significant planning and efforts by the landlord’s team, the property has a new diverse tenant mix of four relevant tenants with long term leases.
Premier Martial Arts offers Tae Kwon Do, Krav Maga, & Kickboxing Lessons for children and adults. With locations spanning the country, Premier Martial Arts has become a well-known brand empowering lives through Martial Arts.
Travis Ginsberg and Chris McMahon of Summit Realty Partners Inc. represented the Landlord in this transaction. The property is owned by MSCC Realty, LLC.
With over 25 years of experience, Summit Realty Partners Inc. is a full service commercial real estate firm headquartered in Lexington, Massachusetts. For more information, please visit www.summitrealtypartners.com or contact us at 781.862.9700 X3 / go@sumrp.com. We look forward to hearing from you.
Summit Realty Partners brings Lunenburg Crossing to 100% leased
Lunenburg, MA: October 1, 2021: Summit Realty Partners Inc. is pleased to announce that the 210,737 square foot Lunenburg Crossing Shopping Center located in Lunenburg, MA has once again reached 100% occupancy. Chris McMahon, Travis Ginsberg and Danny Schwarz of Summit Realty Partners began this leasing assignment in June, 2019 and finalized the last of three new leases in August, 2021.
The final retail lease transaction was with New England Ninja Academy, who leased a 6,000 sf unit at the shopping center bringing the property to 100% occupancy. The other two leases were completed with Verizon Wireless who leased 2,500 sf and Raini Nail Salon who leased 1,500 sf. This successful leasing assignment was a result of consistent canvassing for prospective tenants, cross-selling tenants in the Summit Realty Partners portfolio and an aggressive digital marketing campaign to promote the shopping center.
According to Sam Kallmerten, Senior Leasing Representative at Brixmor, “Summit Realty exceeded my expectations with this assignment as Listing Agent, both with their marketing effort and with the results. They were a fantastic partner and extension of our internal leasing platform, and I look forward to working with them again in the future.”
Lunenburg Crossing is anchored by Hannaford Supermarket, Walmart, and Pet Supplies Plus anchored shopping center. The shopping center draws customers from Lunenburg and the surrounding towns of Fitchburg, Leominster, and Townsend. Summit Realty Partners Inc. represented the Landlord, an affiliate of Brixmor Property Group in these transactions. Brixmor is a major shopping center REIT with over 400 open air properties.
With over 25 years of experience, Summit Realty Partners Inc. is a full service commercial real estate firm headquartered in Lexington, Massachusetts. For more information, please visit www.summitrealtypartners.com or contact us at 781.862.9700 X3 / go@sumrp.com. We look forward to hearing from you.
McMahon and Ginsberg of Summit Realty Partners successfully break up the big box in Franklin, MA
Franklin, MA: September 8, 2021: Summit Realty Partners Inc. is pleased to announce that Horace Mann Plaza located in Franklin, MA has once again reached 100% occupancy. Chris McMahon and Travis Ginsberg of Summit Realty Partners worked closely with the Landlord over the past 4 years to lease up the shopping center which involved breaking up a 52,000 square foot Bob’s Stores into five tenant spaces and finding a suitable replacement for Papa Gino’s who closed in late 2019.
Discussions about the breakup of the big box started with in 2017 with a vision that the Landlord could add significant value and protect their future interest in the property by diversifying the tenant mix without relying on one tenant that occupied 52,000 sf. After many strategy meetings and back of the napkin designs, the first tenant that Summit secured was Altitude Trampoline Park which leased 26,000 sf in 2018 and allowed the Landlord to start the process of breaking up the box. This project included significant architectural planning to modify the interior and the exterior of the building as well as permitting and refurbishing the multi-tenant pylon sign by the Landlord. In addition, the Landlord had to plan for major upgrades to the electrical system and completely rework HVAC service for the five tenants occupying the newly demised 52,000 sf space. In 2019, Dollar Tree leased 10,238 sf for a new store and Emma’s Quilt Cupboard leased 5,500 sf to relocate their existing business from downtown Franklin. In 2020, Pet Supplies Plus leased 7,000 sf to open a new store. Finally, in 2021, T&T Nails Spa leased the remaining 2,335 sf to open a new location which completed the 52,000 sf big box breakup. During the process, Papa Gino’s closed its 2,630 sf location in a different section of the shopping center which Summit Realty Partners released to The Dental Boutique of Franklin in 2021.
Summit Realty Partners is honored to have been a part of this rewarding project which was only made possible by the collaboration with other industry professionals including The Alevizos Group, Phase Zero Architects, John Sullivan Construction, Colliers, Bialow Real Estate, WRE Brokers, Berkshire Hathaway Realty and Carr Realty.
Horace Mann Plaza is a premier 175,000 +/- square foot grocery-anchored shopping center located in the eastern portion of Franklin, MA at the intersection of Route 140 and Chestnut Street. This shopping center offers a diverse tenant roster of both national and regional tenants including Shaw’s Supermarket, Aubuchon Hardware, Citizens Bank, Weight Watchers, Big Lots and more. The shopping center was developed in the 1960’s and continues to be owned and operated by the same family.
With over 25 years of experience, Summit Realty Partners Inc. is a full service commercial real estate firm headquartered in Lexington, Massachusetts. For more information, please visit www.summitrealtypartners.com or contact us at 781.862.9700 X3 / go@sumrp.com. We look forward to hearing from you.
Summit Realty Partners, Inc. leases up vacant retail space in the capital city of Concord, NH
Concord, NH: August 30, 2021: Summit Realty Partners Inc. is pleased to announce recent retail lease transactions with LensCrafters and Tropical Smoothie Café at 240 Loudon Road in Concord, NH. These two nationally branded retailers join an already impressive line-up of tenants including Starbucks, Mattress Firm and US Cellular at this 17,900 +/- sf shopping center located next to Shaw’s Supermarket in Concord’s regional retail shopping district.
LensCrafters leased a 3,700 +/- sf space at the shopping center which allowed them to relocate their existing well performing store to an open-air retail environment. LensCrafters is part of Luxottica an international retailer of prescription eyewear and prescription sunglasses. Tropical Smoothie Café leased an 1,830 +/- sf endcap at the shopping center which is portion of the former Jos A Bank. Tropical Smoothie Café is a fast-casual restaurant concept that serves smoothies, wraps, salads, sandwiches, flatbreads and more in a casual, comfortable setting. With these two new leases, only 2,700 +/- sf remains available for lease.
With over 25 years of experience, Summit Realty Partners Inc. is a full service commercial real estate firm headquartered in Lexington, Massachusetts. For more information, please visit www.summitrealtypartners.com or contact us at 781.862.9700 X3 / go@sumrp.com. We look forward to hearing from you.
Summit Realty Partners, Inc. is pleased to announce its involvement in the sale of a 2.8 acre property in Nashua, NH
Nashua, NH: June 16, 2021: Summit Realty Partners, Inc. is pleased to announce its involvement in the sale of a 2.8-acre property at 4 Blackstone Drive in Nashua, NH on behalf of Colbea Enterprises, LLC D/B/A Seasons Corner Market. The property is conveniently located at a heavily traveled lighted intersection on Amherst Street (Route 101A). Seasons Corner Market purchased this 2.8 acres of land to expand their convenience and gas brand in the New Hampshire market. The property is currently under construction and is expected to open in 2021. Summit Realty Partners also represented Seasons Corner Market in the sale of the excess 1.39 acres to an abutting property owner. Seasons Corner Market is a New England based neighborhood convenience store chain. With over 30 locations in MA, RI and NH Season Corner Market is continuing to grow. Chris McMahon of Summit Realty Partners represented Seasons Corner Market in this transaction.
Summit Realty Partners, Inc. signs three leases with Jersey Mike’s Subs on behalf of its landlord clients
Lexington, MA: May 28, 2021: Summit Realty Partners, Inc. is pleased to announce its involvement in three recent retail lease transactions for new Jersey Mike’s Subs locations in Massachusetts and New Hampshire. Chris McMahon and Travis Ginsberg of Summit Realty Partners represented the landlords in these transactions.
Jersey Mike’s has leased 1,479 +/- sf space at the Hannaford Plaza located at 141 Portsmouth Avenue in Exeter, NH (pictured). Jersey Mike’s has also leased a 2,208 +/- sf space at Fairhaven Plaza which is anchored by Stop & Shop in Fairhaven, MA. Lastly, Jersey Mike’s has leased a 1,228 +/- sf space at the Sea City Crossing Shopping Center in Seabrook, NH which is a modern retail strip center at the entrance to Seabrook Commons.
Jersey Mike’s Subs is a popular American submarine sandwich chain. This brand is headquartered in Manasquan, New Jersey. The Jersey Mike’s franchise is actively growing with roughly 1,910 locations open and about 124 more in development across the United States.
With over 25 years of experience, Summit Realty Partners Inc. is a full service commercial real estate firm headquartered in Lexington, Massachusetts. For more information, please visit www.summitrealtypartners.com or contact us at 781.862.9700 X3 / go@sumrp.com. We look forward to hearing from you.
Summit Realty Partners, Inc. is pleased to announce three new lease signings with Tropical Smoothie Café
Lexington, MA: May 21, 2021: Summit Realty Partners, Inc. is pleased to announce its involvement in three recent retail lease transactions for new Tropical Smoothie Café locations in Massachusetts. Chris McMahon and Travis Ginsberg of Summit Realty Partners represented the tenant in these transactions.
A franchisee of Tropical Smoothie Café has leased a 1,550 +/- sf retail location at 240 Andover Street in Peabody, MA which is now open for business. Another franchisee of Tropical Smoothie Café has leased a 2,213 +/- square foot retail location at the South Coast Marketplace in Fall River, MA which is now opened for business. Lastly, a franchisee of Tropical Smoothie Café has leased a 1,186 +/- square foot retail location at Patriot Place in Foxboro, MA with plans to open later this year.
Tropical Smoothie Café is a fast-casual restaurant concept that serves smoothies, wraps, salads, sandwiches, flatbreads and more in a casual, comfortable setting. Each location offers a wide menu variety. Tropical Smoothie Café has over 900 café locations across 45 different states
Tropical Smoothie Café is seeking additional locations in Massachusetts, New Hampshire, and Rhode Island. The average store is 1,400 to 2,000 sf and co-tenants are typically supermarkets, retailers, and other fast casual operators. Tropical Smoothie Café will look at free standing locations, end caps and in-line spaces. Drive thru is a plus.
With over 25 years of experience, Summit Realty Partners Inc. is a full service commercial real estate firm headquartered in Lexington, Massachusetts. For more information, please visit www.summitrealtypartners.com or contact us at 781.862.9700 X3 / go@sumrp.com. We look forward to hearing from you.