N. Dartmouth Faunce Corner Mall Trades for $27.375M via Atlantic Cap PartnersOctober 13, 2022
NDARTMOUTH — Atlantic Capital Partners has completed the sale of Faunce Corner Shopping Center, a regional shopping center ideally positioned in North Dartmouth, Massachusetts. The asset is anchored by national retailers Kohls, Bob’s Discount Furniture, Christmas Tree Shops and Firestone. According to a release, Justin Smith, Head of Capital Markets, Chris Peterson, Vice President of Capital Markets, Sam Koonce, Associate, and Cole Van Gelder, Analyst oversaw the transaction which had Atlantic Capital Partners exclusively representing the seller RD Management and procuring the buyer.
“This super-regional node draws traffic from an expansive trade area, resulting in nearly all retailers operating highly productive locations in this submarket,” conveyed Smith via a release.
Totaling 201,387 square feet, Faunce Corner Shopping Center is presently 93% leased to 10 retail tenants. Faunce Corner Shopping Center features a long-term anchor tenant in Kohls, a retailer which recently incorporated Sephora at this location. Making up for 93% of the gross leasable area, national retailers offer ownership surety of cash flow and daily traffic generation for the ancillary service tenants.
Faunce Corner Shopping Center draws from two of the most densely populated cities in the state of Massachusetts in neighboring New Bedford and Fall River. Located just 4 miles from downtown New Bedford and 6 miles from Fall River, this major retail corridor serves as the most convenient concentration of shopping for these urban communities. In addition to the densely populated neighboring communities, Peterson notes, “The asset is also minutes from UMass Dartmouth, a university with over 8,500 students.”