Boston— Newmark Knight Frank has successfully completed the sale of The Shops at Mall Road in Burlington, Massachusetts to a private equity fund managed by Crow Holdings Capital Partners, L.L.C.
Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christopher Peterson of NKF’s Boston Capital Markets Group, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the 100 percent leased shopping center on behalf of RJ Kelly.
Totaling 31,623 square feet, The Shops at Mall Road is fully occupied by a diverse six-tenant roster including Duluth Trading Co., Catherines, Cycl3, Orangetheory Fitness, Wendy’s and Supercuts. Most notably, the property serves as home to Duluth Trading Co.’s first store in the New England marketplace.
“This transaction represents the culmination of RJ Kelly’s complete redevelopment of one of the best parcels in the Burlington submarket, creating an institutional-quality end product,” said Smith. “The asset also provided the buyer with entry into the highly competitive New England retail market.”
The Shops at Mall Road is strategically positioned between Burlington’s three regional retail destinations – 3rd Ave, the Burlington Mall and Wayside Commons. This prime retail destination features three- and five-mile population counts of 59,300 and 163,200 people, respectively, with corresponding average household incomes of $139,700 and $141,400.
“Burlington has matured into one of the best retail submarkets in the Northeast,” said Millerd. “Unlike most dominant retail corridors, the Middlesex Turnpike/Mall Road intersection is fueled by an unmatched daytime population because of the market’s exceptionally high office, hospitality and medical occupancy levels.”