Hingham Square

  • 15,000 SF
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Hingham Square

INVESTMENT BACKGROUND

Acquisition Date December 2002
Property Type Mixed-use retail & office
Size 15,000 SF
Business Plan Long-term hold of "Main Street" property

Investment rationale

  • Acquired in 2002 for $200/SF, which represented significant discount to replacement cost
  • Property located in downtown Hingham, one of South Shore's most affluent towns
  • Investment thesis was based on a) growing demand to live in affluent, waterfront suburb of Boston would drive demand for local office space and for town center, service-oriented retail, and b) strong supply-and-demand imbalance existed due to difficult development and permitting environment

status

  • Property has enjoyed history of strong occupancy since acquisition
  • Refinanced property with $3 million first mortgage in December 2012, returning 125% of investor capital

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