Waterstone breaks ground on 60,000 s/f Broadway Crossing
On April 9, Waterstone and the city of Methuen celebrated the groundbreaking of Broadway Crossing, the 60,000 s/f shopping center located at 2 Broadway (Rte. 28) on the Methuen/Lawrence city line. Scheduled to open this coming winter, the center will be anchored by Save-a-Lot Supermarket, the national leader of extreme value grocery stores, auto supply giant O'Reilly Auto parts and Family Dollar.
Broadway Crossing will feature a mix of retailers to serve an extremely dense population of more than 143,000 people within three miles. The center will also serve residents at Winn Residential's adjacent and newly developed Loft 550 Apartments and neighboring Polartec/Malden Mills facility (900 people).
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.
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.
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.