Needham Gatweway Shops (Leasehold) 100 Highland Ave

Investment Highlights

Gateway to Booming Newton - Needham (N-Squared Innovation District) Leasehold Interest Provides Above Market Cash Flow | Fully Depreciable Asset Incredible Demographics: 3 Mile Population of 97,655 | Average Household Income nearly $230,000 34,000+ Cars Per Day | Signalized, Hard Corner | Located 1,000 Feet from I-95 (265,000+ Cars Per Day) Leasing Upside | One Unit Available | 93% Occupancy Dominant Office & Retail Corridor with Many National, Regional and Local Tenants

Executive Summary

Needham Gateway Shops is located at the signalized intersection of 2nd Avenue and Highland Avenue in Needham, MA. The property, aptly named Needham Gateway, stands as the gateway to the Newton-Needham Innovation District being the first retail center drivers pass when coming from Needham or either direction on I-95 and heading to both the retail on Needham Street and the office at Needham Crossing. The subject property offers an investor the chance to obtain a leasehold interest in what is a very strong and proven center within a strong and continuously growing submarket.The subject property is 23,264 gross leasable square feet of space comprised of two buildings. The buildings were constructed in 2006 and the center is 93 percent occupied by a mix of national and regional tenants all operating on triple-net leases. The first building is multi-tenanted with Panera Bread, Splash & Dash, AJ Rose Carpets & Flooring and Geico Insurance. The second building, roughly 45% of the gross leasable space, is entirely leased to Landry?s Bicycles which took over the space from FW Webb after that tenant acquired their own building next door.The center is exceptionally well located with sound real estate fundamentals and is very well maintained which has allowed ownership to amass such high-quality tenancy. The offering provides an investor with the opportunity to secure a stable cash flowing asset in a coveted market with limited opportunities.

• Sale Type    Investment
• Sale Condition    Ground Lease (Leasehold)
• Property Type    Retail
• Property Subtype    Storefront Storefront General Retail Restaurant Storefront
• Building Size    23,300
• Building Class    B
• LoopNet Rating    4 Star
• Year Built    2006
• Price    4,900,000
• Price Per SF    210
• Cap Rate    7.76
• NOI    380,076
• Percent Leased    100
• Tenancy    Multiple
• Building Height    1 Story