Stateline Plaza & Granite State Market Place
Property Description
Stateline Plaza a 150k sf supermarket anchored shopping center in Plaistow , NH
Granite State Marketplace a 250k sf supermarket anchored shopping center in Hooksett, NH
Execution
Both properties underwent a vigorous façade and common area upgrade program after which vacant junior anchor stores were leased and the properties stabilized. In case of Stateline Plaza we were also able to secure an adjoining parcel thru a long term ground lease which gave the property access to a full traffic light intersection enabling us to execute a long term lease for a new CVS Pharmacy.
Deal Returns
Stateline Plaza was purchased in 1997 for $6.5mm with $1.5mm in equity. Granite State Market was purchased in 1998 for $21mm with $2.5mm in equity. Both shopping centers were sold together in 2004 for $39mm resulting in a net profit to the partners of $11.5mm . Of this amount $6.5mm was subsequently invested in 2004 in a 550k sf portfolio of 8 office and flex buildings throughout northern MA and southern NH which was later sold in 2006 for a net profit of $4mm. Therefore the original $4mm investment resulted in a net profit $15.5mm.
Jefferson Office Park
Property Description
Jefferson Office Park a 4 building 118k sf office park in North Andover, MA
Execution
An extensive upgrade program renovating the lobbies and all the common areas helped us increase occupancy from 65% to 90%. Also created a condominium structure to give us flexibility in selling the smaller buildings at significantly higher prices to user/buyers.
Deal Returns
Jefferson Office Park a was purchased in 2000 for $8.5mm with $1mm in equity. Two of the smaller buildings were sold in 2002 and 2003 for a total of $3mm and the remaining two larger buildings were sold in 2006 for $12mm resulting in a net profit of $6.5mm on the original $1mm investment.
Maple Tree Mall
Property Description
Maple Tree Mall a 51k sf shopping center in Manchester, NH
91 Montvale Avenue a 55k sf office building in Stoneham, MA
Execution
We undertook a façade renovation at Maple Tree Mall and re-tenanted the property which enabled us to increase occupancy from 70% to 90%. The office building in Stoneham was transformed from mostly office tenants to mostly medical tenants.
Deal Returns
Maple Tree Mall was purchase in 1998 for $4.5mm with $650k in equity. The property was sold in 2001 for $5.5 and the proceeds were invested via a 1031 exchange in a 55k sf office building in Stoneham, MA. That property was then sold in 2007 for $7.15mm resulting in a net profit to the investors of $2mm on the original $650k investment.