Seekonk Towne Center

  • 120,156 SF
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Seekonk Towne Center

INVESTMENT BACKGROUND

Acquisition Date 2001
Property Type Retail
Size 120,156 SF
Business Plan Value-added re-leasing
Joint Venture Partner Saletin Real Estate Group

Investment rationale

  • Vacant former K-Mart; acquired vacant leasehold interest for $1.5 million on 14.7 acres at signalized intersection of two state roads
  • Acquisition sourced on opportunistic basis because property sat vacant for 11 years
  • Partnership was in early discussions with grocer at time of acquisition
  • Compelling acquisition cost basis of $13/SF with ability to expand center to 120,000 SF
  • Strong local market knowledge based on property's location in our "backyard"

status

  • Complete repositioning of asset, which now includes PriceRite, Santander Bank, U.S. Post Office, Ann & Hope Garden Center, Planet Fitness, Dunkin' Donuts and Monster Golf
  • Additional square footage, including pad site, has been permitted
  • Sold 40% interest in property in 2005, returning 100% of originally invested equity
  • Anticipated long-term hold

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