Ocean State Job Lot Acquires Freestanding Retail Asset in Saugus, Massachusetts
NKF Capital Markets has successfully completed the sale of Bob’s Stores | Saugus in Saugus, Massachusetts 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.
“The Route 1 retail corridor is one of Metro Boston’s most dynamic submarkets,” said Millerd, “and this freestanding building provides unmatched access and visibility.”
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.”
About Eastern Real Estate
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.
The company has built its record of success through superior industry insight, diligent work ethic and precise execution of well-disciplined investment strategies.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its NKF Capital Markets brand. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.
