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 |
Hingham Square
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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