In November, Atlantic Investments completed the $12.9 million sale of a 45,769-square-foot condominium interest in the Framingham Mall to Boston-based RK Centers. Representing the seller, Target Corporation, Atlantic also procured RK Centers as the buyer.
Located in the suburban Boston community of Framingham, Massachusetts, the shopping center is shadow-anchored by a 135,650 square foot Target, and the condominium tenants include a 35,000 square foot Home Goods, Panera Bread, and Game Stop. The center was redeveloped in 2001 with a history of high occupancy and low turnover. Very well-positioned in the high-demand Natick/Framingham market, the shopping center sits along Route 30 with immediate access to the Mass Pike (I-90). This busy retail corridor has nearly 150,000 residents earning an average household income of more than $135,000 within a five-mile radius.
The investment teams from the company’s Boston and Charlotte offices combined forces to pair local expertise with national exposure in an effort to maximize the asset’s value. One of Atlantic’s largest competitive edges lies in the collaboration between offices and integration of the investments and leasing teams. The team was able to use that to their advantage and paired seasoned investment sales experience with strong leasing market intelligence, helping to complete the transaction quickly and easily.