Capital Markets | National Retail Investment Group
Village Shoppes of Salem
29 0 so uth b roa dway (Ro ute 2 8)
::
salem, new hampshire
a ±17 0 , 2 7 0 s q u a r e f o o t, f u l ly o c c u p i e d p o w e r c e n t e r i n m e t r o b o s t o n
Village Shoppes of Salem
29 0 so uth b roa dway (Ro ute 2 8)
::
salem, new hampshire
CB Richard Ellis’ National Retail Investment Group (NRIG) is pleased to offer for sale Village Shoppes of Salem, a
±170,270 square foot, fully occupied power center in Salem, New Hampshire, just a 25-minute drive north of Boston’s
Financial District. Located along the busy Route 28 corridor (40,000 CPD) in the heart of this super-regional, tax-free
market, Village Shoppes of Salem is occupied by five dominant, national retailers including Best Buy, Sports Authority,
DSW, PetSmart and Michaels. Village Shoppes of Salem will appeal to risk-averse investors seeking an exceptionally
stable, long-term cash flow.
Dominant Super-regional Market
Salem, New Hampshire is widely recognized as the state’s dominant
super-regional retail market. Anchored by the 1,200,000 square
foot, Simon Properties-owned Mall at Rockingham Park – the largest
mall in New Hampshire – Salem is home to a who’s who of national
retailers including Macy’s, Home Depot, Target, WalMart, Best Buy,
BJ’s, TJ Maxx, H&M, Apple Computer, Banana Republic, Abercrombie
and Fitch and J.Crew.
Salem is located just 28 miles north of downtown Boston along
Interstate 93, making it the closest and most easily accessible major
retail market for the densely populated Greater Boston region. The
property is located along Route 28, where approximately 40,000
cars travel per day. New Hampshire’s no-sales-tax policy is a major
draw for both retailers and shoppers who flock to Salem in order
to avoid Massachusetts’ 6.25% sales tax.
National credit tenants on long-term leases
Village Shoppes of Salem is currently 100% occupied by an impressive roster of national credit tenants, all of whom are dominant
in their respective retail categories. National credit tenants account for 92% of the property’s gross income. All tenants except
Party Center and Michaels have contractual rent bumps prior to the expiration of their term.
Investment Highlights
• ±170,270 SF power center, 100%
occupied by an
impressive roster of national credit tenants
investment
highlights
• Market’s
most
well28
established
anda centrally
located
retail property
• Excellent access and visibility along
the busy
Route
corridor via
signalized
intersection
• Anchored by
Shaw’s
Supermarket,
historically
the market’s
dominant
• Located in the heart of the super-regional,
tax-free
market
of Salem,
New Hampshire
less than
supermarket
two miles from the Massachusetts border
• Strong southern New Hampshire market off of Interstate 93
• Strong local demographics, with average incomes exceeding $95,000 within five miles of
• Dynamic mix of national and local tenants
the property
• Upside potential through the leasing of ± 17,000 square feet
• Stable, long-term cash flow and a Year 1 NOI of $2,825,000
AD
KE
LL
Y
RO
29,860 SF
41,760 SF
Not Part of Site
13,084 SF
23,663 SF
Party
Center
8,698 SF
22,979 SF
43,310 SF
Salem
Auto
Body
Ashley Furniture
37,463 SF
Not Part of Site
2-Story ing
uild
Brick B
N.H. ROUTE 28
SOUTH BROADWAY
Significant Barriers to entry
Propert y description
The Village Shoppes of Salem’s position in the market is well
Address
insulated from future development by two significant forces. First,
290 South Broadway (Route 28)
Salem, New Hampshire 03079
the two-mile Route 28 corridor from the Massachusetts border
Total Occupancy
100%
# of Tenant Spaces
Six
the entitlement process in southern New Hampshire and Salem
Major Tenants
specifically is notoriously time and capital intensive. Village
Best Buy
Sports Authority
PetSmart
Michaels
DSW
Total GLA
±170,270 SF
to the Mall at Rockingham Park is all but fully developed, leaving
no space for the construction of competing properties. Second,
Shoppes of Salem, built in 1999, took over six years to develop
and even now, 12 years later, stands as the most recent net-new
multi-tenant development on this busy section of Route 28.
Financial Summary
43,310 SF
41,760 SF
29,860 SF
23,663 SF
22,979 SF
Shoppes of Salem based on historical and current income
±13.71 acres (gross site is 21.63 acres, inclusive of a 7.91 acre conservation easement)
and expenses. The in-place net operating income for the year
Year Built
1999
Parking Spaces
±854, 26 are handicap
(5.02 per 1,000 SF)
CB Richard Ellis has analyzed the financial position of Village
ending May 31, 2012 is approximately $2,825,000.
Land Area
Pricing
Village Shoppes of Salem is being offered for sale as-is and
without a formal asking price. Once qualified investors have had
Daily Traffic Volume
NH Route 28, South of Rockingham Park Blvd.
I-93 between state line and Exit 1
an opportunity to thoroughly review the Offering Memorandum,
CB Richard Ellis will schedule a call for offers.
*
2010 New Hampshire Department of Transportation
39,000 VPD*
105,293 VPD*
Capital Markets | National Retail Investment Group
The Mall aT
RockinghaM PaRk
Exit 1
28
(40,000 CPD)
93
Village Shoppes
of Salem
gional Map
age Shoppes
´
Greenville
Nashua
Northfield
Gloucester
Boston
Marlborough
Northampton
Worcester
Ware
Southbridge
CONNECTICUT
Bristol
´
3 miles
5 miles
10 miles
The Trade Area
25 miles
2010 Est. Population
28,484
75,004
385,295
2,095,612
2010 Est. Households
10,565
27,901
140,477
789,405
2010 Est. Average HHI
$91,837
$95,142
$83,052
$93,096
GENERAL EDWARD LAWRENCE LOGAN INTL
Boston
Boston Harbor
Boston
Harbor
Harbor
Boston
Boston
Brockton
Provincetown
RHODE
ISLAND
Plymouth
Providence
Willimantic
´
T.F.Green Airport
Narragansett
Narragansett
Narragansett
Narragansett
Narragansett
Narragansett
Bay
Bay
Bay
Bay
Bay
Bay
Middletown
Demogr aphics
Braintree
Palmer
BRADLEY INTL
Hartford
Atlantic
Atlantic Ocean
Ocean
Lynn
Lexington
Quabbin
Quabbin
Quabbin
Quabbin
Quabbin
Quabbin
Reservoir
Reservoir
Reservoir
Reservoir
Reservoir
Reservoir
´
20
Lawrence
Lowell
Gardner
Greenfield
Springfield
15
KM
MANCHESTER
Village Shoppes
West Brattleboro
NEW HAMPSHIRE
MASSACHUSETTS
Miles
Manchester
Keene
Norwich
Cape
Cod
Bay
Cape
Cod
Bay
Cape
CapeCod
CodBay
Bay
New Bedford
East Harwich
Barnstable Town
Buzzards
Buzzards
Buzzards
Buzzards
Bay
Bay
Bay
Bay
Bay
Bay
Nantucket
Nantucket
Sound
Nantucket
Sound
Nantucket
NantucketSound
Sound
Vineyard
Vineyard
Vineyard
Vineyard
Vineyard
Sound
Sound
Sound
Sound
Sound
ard Ellis, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it.
opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.
dvisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
ed on this map are the property of their respective owners, used solely to indicate that businesses associated with those marks are located in buildings displayed on the map.
ed. Sources: CBRE Mapping Services (877) 580-4674; Claritas, Inc/GDT. MapFiles\Work2011\237436_regional.wor 1/28/2011
For more information, please contact:
Chris Angelone
Jim Koury
Bill Moylan
Nat Heald
Josh Klimkiewicz
617.912.7062
chris.angelone@cbre-ne.com
617.912.7015
jim.koury@cbre-ne.com
617.912.7029
bill.moylan@cbre-ne.com
617.912.7021
nat.heald@cbre-ne.com
617.912.7053
josh.klimkiewicz@cbre-ne.com
CB Richard ellis • 33 Arch Street, floor 28 • Boston, M assachuset ts 02110 • 617.912.7000, Fa x 617.912.7001 • w w w.cbre-ne.com
© 2011 CB Richard Ellis, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee,
warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example
only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial
and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
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