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Galvin of Prospect Props. Brokers $16.7m sale of First Bristol’s Shaw’s Plaza

1/1/2005

According to James J. Karam, President of First Bristol Corporation, First Bristol has sold its 126,000 s/f Shaw’s Plaza, 271 Main Street, North Reading, MA to Federal Investment Trust of Rockville, MD in the amount of $16.7 million. “This sale was completed after less than 18 months of ownership,” reported Jim Karam, “as a result of several initiatives put forth by our team in enhancing building, infrastructure, and leasing issues inherent in this center when acquired in 2003. Upon completing lease re-negotiations, re-engineering of the septic system, and re-construction of several outstanding building issues, this work created an asset that became attractive to numerous institutional buyers. Having achieved our target value, as a result of these improvements, we clearly felt the offer put forth by Federal Realty recognized the full value achieved at this time.” The real estate broker representing the buyer was John Galvin of Prospect Properties, Inc., Medfield, MA. Spaulding & Slye Colliers senior vice president, James Koruy was the exclusive listing agent. John Galvin indicated that his client had clearly recognized the upside potential of this center, based on its long-term stable occupancy, the strong demographics with an average family income over $100,000.00, and the difficulty in entering this marketplace due to the lack of any large size parcels. Having Shaw’s, Sears, and Brooks, as three of the main anchors, will provide stable occupancy and income in the years ahead. Karam stated, “We were extremely pleased with the initial acquisition of this center. Together with the cooperation we have received from many of the national tenants in providing improvements to this asset over the last year our plans for repositioning this asset were met very quickly. We clearly feel that this is the type of asset enhancement our leasing and construction team can bring to an under performing asset of this nature. We viewed this center as having tremendous upside potential and were pleased that we realized our estimates during this timeframe. We continue to seek out other similar assets that have upside potential based on the added value that our diverse development team can bring forward.” ended Jim Karam, President of First Bristol Corporation. Posted in the New England Real Estate Journal