Needham Gateway Shops Needham, MA

$ 6,119,600

  1. Cap Rate 7.32%

listing agents

Seth J. Richard
Seth J. Richard

Vice President Investments

National Retail Group

  • (212) 430-5164
  • (860) 287-4624
  • seth.richard@marcusmillichap.com
  • view bio

property overview

Needham Gateway Shops is located at the signalized, hard corner of 2nd Avenue and Highland Avenue in Needham, MA. The property, aptly named Gateway, stands as the gateway to the Newton-Needham Innovation District being the first retail center drivers pass when coming from Needham or either direction on I-95 and heading to both the retail on Needham Street and the office at Needham Crossing.

The subject property offers an investor the chance to obtain a leasehold interest in what is a very strong and proven center within a strong and continuously growing submarket. The subject property is 23,300 gross leasable square feet of space comprised of two buildings. The first building is multi-tenanted with Panera Bread, Omaha Steaks, Supercuts and recently leased GEICO Insurance. The second building, roughly 45% of the gross leasable space, is entirely leased to one tenant, F.W. Webb which has been in business for 150 years and is among the top 20 largest private companies in Massachusetts. The buildings were constructed in 2006/2007 and the center is currently 90.66% occupied by a mix of national and regional tenants all operating on triple-net leases.

The center is exceptionally well located with sound real estate fundamentals and is very well maintained which has allowed ownership to amass such high quality tenancy. The offering provides an investor with the opportunity to secure a stable cash flow as well as the ability to increase returns by bringing expiring leases to market rates thereby improving cash flow dramatically.

location

Needham Gateway Shops

Needham Gateway Shops

  1. Needham Gateway Shops
  2. 120 Highland Avenue, Needham, MA, USA, Needham, MA
  3. 6,119,600$
  4. Cap Rate 7.32%