For more information please visit: http://nerej.com/59135
Fairhaven, MA
Katz Properties of New York has acquired the Fairhaven Plaza shopping
center for $16.5 million. The 81,000 s/f supermarket anchored shopping
center, built in 1999, is situated on 9.4 acres located at 221
Huttleston Ave. (Rte. 6).
Fairhaven Plaza is 97% occupied by a
59,000 s/f Stop & Shop supermarket and gas station, a 12,475 s/f Ace
Hardware and a 4,000 s/f Sleepy's.
Daniel Katz, a principal of
Katz Properties said, "With our management team based in Massachusetts,
Fairhaven Plaza was a natural buy for us. We remain committed to the New
England market and are primed to acquire more shopping centers with
market-leading grocers. This is our sixth acquisition in 2012 and we are
working on several others before year end."
Frank Normandin,
president of Winslow Property Management, a Katz Properties affiliate,
said "We were excited to pursue this opportunity right in our backyard.
Fairhaven is in a densely populated trade area and the shopping center
has great visibility - the property fits right in with our existing
portfolio of supermarket anchored shopping centers."
Mortgage
financing for Fairhaven Plaza was provided by Member's Capital of
Madison, Wisconsin and was arranged by Tim Breda of Goedecke & Co.
CBRE's national retail investment group, led by Chris Angelone, Bill
Moylan and Nat Heald, represented both Katz Properties and the seller in
the transaction. Leasing and property management services will be
provided by Winslow Property Management.
Katz Properties is a real
estate investment, development and management company, with offices in
Boston, N.Y., Philadelphia and Washington, D.C., primarily focused on
the acquisition, operation and repositioning of grocery-anchored
shopping centers in the Northeast and Mid-Atlantic.
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