BOSTON— NKF Capital Markets has completed the sale of Bob’s Stores in Saugus, MA to Ocean State Job Lot.
Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith and Financial Analyst Christopher Peterson of the NKF Capital Markets Boston office, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the premier retail offering on behalf of Taylor Saugus Limited Partnership, a joint venture between Eastern Real Estate and a partnership between Josh Katzen and Steve Tannenbaum.
Totaling 40,000 square feet, Bob’s Stores | Saugus is fully leased to Bob’s Stores, a regional apparel and footwear retailer. Located at the intersection of Route 1 and Main Street, the asset is uniquely positioned to draw traffic heading in either direction along Route 1, a major regional thoroughfare with limited exits.
Bob’s Stores Saugus is well located within one of the two significant retail clusters along Route 1, which features an average daily traffic count of 123,400 vehicles. This prime retail destination boasts three- and five-mile population counts of approximately 112,300 and 402,600 people, respectively, with coinciding average household incomes of $87,800 and $77,400.
“The flexibility of Bob’s Store’s lease structure generated substantial interest from both investors and owner-users,” said Smith. “The asset represented a strategic acquisition for Ocean State Job Lot, which sees Saugus as a market they would like to maintain a presence in long-term.”
Eastern Real Estate is a privately held commercial real estate company with expertise in capital investment, real estate development and asset management. The firm specializes in adding value to complex real estate opportunities and has a long-standing, proven track record of successful investing across multiple asset classes.
Eastern Real Estate was co-founded in 2000 by Dan Doherty and Brian Kelly, long-time friends and business partners who have successfully led multiple business ventures over the course of the last 25 years.