Address: 24-38 Broadway, Lynnfield, Massachusetts, United States 01940
Type: Net Leased Shopping Center
Cap Rate: 6.17%
Lease Type: Double-Net (NN)
Annual Rent: $1,432,428
Net Operating Income: $1,432,428
Lease Term Remaining: 8.6 Years
Rental Increases: Flat Until Option Periods
Options: Four, Five-Year Options
Year Built: 1991
Rentable Sq/Ft: 51,776 SF
Rent Sq/Ft: $27.67
Price Sq/Ft: $448
Lot Size: +/- 6.79
Marcus & Millichap is pleased to present the exclusive offering of The Shops at Lynnfield located 24-38 Broadway in Lynnfield, MA. The trophy property consists of three separate buildings totaling 64,056 rentable square feet spread across 6.79 acres of land. The tenants include Christmas Tree Shops, Starbucks, Yankee Candle, Meraki Spa, and East Boston Savings Bank. The East Boston Savings Bank and the multi-tenant buildings were constructed in 2019, while Christmas Tree Shops was built in 1991, but is currently undergoing a significant remodel. Christmas Tree Shops has over 8.5 years remaining while all the other tenants have approximately 10 years remaining on the lease.
The Shops at Lynnfield benefits from being very well-positioned in an extremely dense retail corridor consisting of national and local tenants, shopping centers, hospitality accommodations, and academic institutions. Major national tenants in the area include Walmart, Walgreens, Dick’s Sporting Goods, Macy’s, Stop & Shop, Kohl’s, Home Depot, Target, T.J. Maxx, McDonald’s, and so many more. The property is also within immediate proximity of several hospitality accommodations including Four Points by Sheraton Wakefield, Red Roof Inn, Holiday Inn express, Wood Spring Suites Signature, and more. The subject property also benefits from its close proximity to Square One Mall, a Simon owned mall, which has over 115 stores, as well as the iconic Market Street, a thriving village center where sought-after retail, dining options from fast to fancy and family entertainment exist together in a perfect mash-up of modern convenience and small-town charm.
The site is situated on Broadway (also known as Route 1), which is one of the primary commuting roads in and out of downtown Boston, which boasts a staggering average daily traffic count of 127,900 vehicles. Route 1 intersects with interstate 95, which brings an additional 133,000 vehicles into the immediate area per day. Furthermore, the surrounding area has a robust population with a whopping 283,000 people residing within a five-mile radius of this property and over one million individuals within a ten-mile radius. In addition, the property benefits from being located in an extremely affluent community with average household income in a one-mile radius of more than $138,000.
Located just North of Boston, Lynnfield has greatly benefitted from its close proximity to the state’s capital city and acts as one of the largest bed-room communities in the area. Boston is the largest city in New England and the 23rd most populous city in the United States. Boston is also home to many colleges and universities that help make Boston an international center of higher education, including law, medicine, engineering, and business, and the city is considered to be a world leader in innovation and entrepreneurship with nearly 2,000 startups. Boston’s economic base also includes finance, professional and business services, biotechnology, information technology, and government activities. Furthermore, Boston’s Logan International Airport is located only 10 miles from the subject property and is the 17th busiest airports in the United States. The Massachusetts Bay Transportation Authority (MBTA) allows for easy access from Lynnfield to downtown Boston.
Broker of Record: John Horowitz License #1000303