Danvers Crossing is ideally located at the intersection of 3 major roadways: U.S. Route 1, I-95, and MA-114; more than 41,000 cars pass the property Rt. 1 and 85,000 cars per day along I-95.
The Property benefits from Essex County's strong demographics, with more than 771,667 people and an average household income of $106,190. The super-regional mall's trade area is the entire Essex County.
Shadow-anchored by a Costco, the only location north of Boston, as well as a nearby Home Depot. Danvers Crossing is strategically positioned to capture traffic from these neighboring retailers.
Danvers Crossing offers Investors upside—2.6% of the CAGR comes from contractual rent bumps with the remaining from the lease-up of 8.16% available space.
At a market rental rate of $22.46 (CoStar, 2020), the majority of tenants at Danvers Crossing pay below-market rent, providing Investors the ability to increase revenue through "mark-to-market" rents.
No tenant at the Property rents more than 24% of the NRA. The mixed tenant base provides for a diverse rent roll and income stream, with no tenant representing more than 21% of the Property's GPR. In ad-dition, the Property has a balanced lease expiration schedule with no more than 28% of the NRA expiring in any one year.