Avison Young represented landlord Transatlantic Investment Management, Inc.(Transatlantic) in a 3,454 s/f retail lease with Sleepy's, the Mattress Professionals, at 151 Merrimac St.
Avison Young principal Karyn McFarland represented Transatlantic and will continue to serve as the building's exclusive leasing representative. Peter Lyons of the Dartmouth Co. represented Sleepy's in the transaction. The retail location is slated to open this spring.
This shift from transaction-driven to release-driven regulation is already influencing how buyers, sellers, and developers evaluate environmental risk. Under the CPTP framework, environmental obligations were often triggered solely because a qualifying property changed ownership. The result was that many transactions became bogged down by environmental compliance requirements that had little relationship to current environmental risks.
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.