Geronimo Properties completes purchase of SouthFitch Shopping Center
Geronimo Properties completed the purchase of SouthFitch Shopping Center, a 30,000 s/f retail space located in the highest traffic area of Fitchburg. Located on the corner of John Fitch Highway and Summer St., SouthFitch Shopping Center boasts tenants of all sizes, ranging from national retailers like AT&T to popular local businesses, including Dutch Kitchen Bakery and JT's Barber Shop.
In conjunction with scheduled state improvements to the area, Geronimo Properties plans to reposition the shopping center by improving infrastructure and traffic flow through the area. A site plan of coming improvements will be posted to the Geronimo Properties webpage by spring 2015.
"SouthFitch Shopping Center is an amazing property in an area full of potential," said president of Geronimo Properties, Paul DiGeronimo. "We are excited to welcome current and future tenants into the Geronimo Properties community and look forward to serving SouthFitch shoppers for years to come."
Norwich, CT Tim Hines of Horvath & Tremblay has facilitated the sale of 200 multi-family units totaling $16.24 million. Hines arranged the sale of an 83 unit multi-family portfolio in Cromwell, Middletown and Norwich, Conn. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $9 million.
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.