Needham Gateway Shops Needham,Massachusetts

$6,119,600
Property type:Multi-Tenant / Shopping Center

Description

100 Highland Avenue
Needham, MA, 02494

Investment Highlights

  • Gateway to Booming Newton-Needham (N-Squared) Innovation District
  • 34,000+ Cars Per Day | Signalized, Hard Corner | Located 1,000 Feet from I-95/ Route 128
  • Leasehold Interest Provides Above Market Cash Flow | Fully Depreciable Asset
  • Stable Asset with Upside in Single Remaining Vacancy
  • Incredible Demographics: 3 Mile Population of 96,000 & Average Household Income over $196,000
  • Dominant Retail Corridor with Many National, Regional and Local Tenants
  • Growth Market for Residential and Office Communities including Charles River Landing, Avalon Bay, Trip Advisor and PTC Inc.
  • Retailers in the Area Include HomeGoods, Modell’s, Michael’s, Petco, Staples, Men’s Wearhouse, Jimmy Johns, Chipotle, Dunkin Donuts and Many More

 

Investment Overview

Needham Gateway Shops is located at the signalized, hard corner of 2nd Avenue and Highland Avenue in Needham, MA. The property, aptly named Gateway, stands as the gateway to the Newton-Needham Innovation District being the first retail center drivers pass when coming from Needham or either direction on I-95 and heading to both the retail on Needham Street and the office at Needham Crossing. The subject property offers an investor the chance to obtain a leasehold interest in what is a very strong and proven center within a strong and continuously growing submarket.

The subject property is 23,300 gross leasable square feet of space comprised of two buildings. The first building is multi-tenanted with Panera Bread, Omaha Steaks, Supercuts and just leased GEICO Insurance. The second building, roughly 45% of the gross leasable space, is entirely leased to one tenant, F.W. Webb which has been in business for 150 years and is among the top 20 largest private companies in Massachusetts. The buildings were constructed in 2006/2007 and the center is currently 100% occupied by a mix of national and regional tenants all operating on triple-net leases.

The center is exceptionally well located with sound real estate fundamentals and is very well maintained which has allowed ownership to amass such high quality tenancy. The offering provides an investor with the opportunity to secure a stable cash flow as well as the ability to increase returns by bringing expiring leases to market rates thereby improving cash flow dramatically.

The subject property is located in Needham, Massachusetts on the Newton-Needham line and roughly 10 miles from downtown Boston. The subject is approximately 1,000 feet from the on and off ramps to I-95 / Route 128. The property is situated at the hard corner of the signalized intersection of Highland Avenue and 2nd Avenue in the area that has been dubbed the Newton-Needham (N-Squared) Innovation District.

Highland Avenue, which turns into Needham Street, is the dominant retail corridor in the Newton-Needham area. The street has approximately 34,000+ cars per day and is home to Crosspoint’s brand new Newton Nexus with Stop & Shop, TJ Maxx, Sierra Trading Post, Boston Ballet and Qdoba. Other retailers on the street include HomeGoods, Modell’s, Michael’s, Petco, Staples, Men’s Wearhouse, Jimmy Johns, Chipotle, Dunkin Donuts and many more. Additional points of interest and traffic drivers on Needham Street include the future site of a large mixed-use lifestyle development owned by Northland Development along with Avalon Bay Communities, the Newton Corporate Center, the Piano Mill building, Paragon Towers and more.


Broker of Record

John Horowitz

Lic. # 1000303

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