Shair of M&J Associates brokers $2 million sale to Salvation Army
According to Mark Shair, president of M&J Associates, a Salvation Army Family Store has opened a 30,000 s/f free standing store at 87 Westgate Dr. Adjacent to the store is a Lowes and the Westgate Mall which was recently purchased by New England Development.
The land area was 3.5 acres and Salvation Army closed on the $2 million purchase at the end of 2009. The building was originally constructed as a manufacturing and warehouse use. Salvation Army totally rebuilt the building to convert it to its current retail use. Salvation Army operates 1,800 retail outlets in the U.S. The Family stores sell used and donated men's, women's and children's clothing, housewares, furniture, books and electronics.
M&J Associates, Newton represented the seller, Mucci Trust, in the sale of the property and procured the buyer.
Beverly, MA Jay Goldberg, president and owner of Spire Investments has completed the purchase of four multifamily buildings. The 33-unit purchase amounted to a sale price of $9.2 million or $278,788 per unit. The properties are all located in downtown and consist of one- and two-bedroom units.
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.