Institutional Property Advisors Completes the Sale of a Power Center in the Boston MSA
SALEM, N.H., Oct. 25, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Village Shoppes at Salem, a 170,398-square-foot shopping center in Salem, New Hampshire.
“The center ranks as one of the best-performing shopping centers in greater Boston,” said James Koury IPA senior managing director. “Several of the tenants at Village Shoppes at Salem rank in the top 10% in their chains, and the center has never lost a tenant due to under-performance or flight to another center, even through the worst recession since the Great Depression and the recent pandemic. Salem’s super-regional retail market on the border with Massachusetts makes it a strong draw for Boston’s huge student population and 3 million residents seeking tax-free shopping in New Hampshire,” Koury added. “It’s the first shopping center travelers see in New Hampshire on their way north on Massachusetts Route 28.”
Koury exclusively represented the seller and procured the buyer, Raj Dhanda of Academy Hill Realty. According to Dhanda: “We are very excited about this acquisition and plan on making improvements to further establish its dominance in its market.” Completed in 1999 on 20 acres, Village Shoppes at Salem is 30 miles from Boston, and accessible from Interstates 93 and 495. Tenants include Best Buy, Michaels, PetSmart, DSW, Cost Plus and Five Below. Prior to its development as a shopping center, the site was occupied by a 300,000-square-foot dry storage warehouse building that has since been demolished.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com