North Broadway Crossing (NBC), Salem, N.H.'s most talked about new retail development has finally reached 100% occupancy! The two newest leases are with Learning Express, the premiere children's toys specialty retailer who relocated from Pier One Plaza, and Sylvan Learning Center, the nation's top tutorial company dedicated to helping children education. Sylvan was represented by Hugo Overdeput of Grubb & Ellis Northern New England.
With its distinctly upscale design, NBC features four unique buildings and a wide assortment of quality tenants. One of the center's most important benefits was the new signalized intersection on Rte. 28, and three ingress and egress points. Chris Capozzoli, the developer, also built the adjacent Burlington Self Storage (Salem's Premier Self Storage facility.) Annino Architects was successful in incorporating design elements and colors from the storage development into the retail center to create a uniform look.
The center is anchored by McKinnon's Market & Super Butcher. Their first N.H. store as well as their first Super. McKinnon's features the finest selections of meat, seafood, produce, bakery items, wine & cheese, and prepared foods at extremely competitive prices. Sales have far exceeded their original expectations, and they continue to draw customers from a wide trade area who appreciates both their high-end products & selection, and their affordable prices.
NBC is unique in that it has two front parcel ground leases, and two retail buildings. The pads are a 10 MPD Irving Oil &Circle K convenience store, and Pentucket Bank, who built a gorgeous two story brick building with two drive-throughs.
The two retail buildings boast a mix of specialty retailers, unique restaurants, and top-notch service companies that include: Lady Grace Intimate Apparel, CLIX Digital Photography, Postal Center USA, Edible Arrangements, Crown Jewelers, Amy's Sew & Vac., Jeanie's Dry Cleaners, Fitness Together, Elizabeth Grady, Maddie's Bagel & Eatery, Prudential Verani Real Estate, Nationwide Insurance, and Wasabi Japanese Steakhouse
The MEG Companies were responsible for the marketing of this new ground-up development and I brokered all the retail leases. This was an exciting project to work on. Our goal from the beginning was to be patient and selective, and seek out only the best tenants that would add valued to the center. Amazingly, though the economy declined right after construction began we were able to maintain steady leasing activity and almost zero turnover. Incredibly, we achieved some of the highest per s/f rents in the area.
McKinnon's became a huge draw, and the upscale design, quality construction, attractive signage and landscaping all played a part. Though it took several years of hard work to reach this milestone, ultimately, it was worth it. As they say the proof is in the pudding!

Andrew Levy, CCIM is the director of brokerage services for the MEG Companies, Londonderry, N.H.