230 Independence Way Danvers, MA 01923

Listing agency Northmarq Capital, LLC

Listed by BJ Feller · License #IL 471007951

Source Crexi

Added: Apr 12 Updated: Jul 21 at 6:20PM Checked: Jul 21 at 6:20PM

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Investment Insights

Based on property information with market context.

The property consists of a 45,500 square foot retail building on a 4.57-acre parcel of land. It is being offered for sale to qualified investors as a ground lease interest in the Best Buy property.

Best Buy operates under a 20-year absolute net ground lease that includes four, 5-year options. The tenant has recently exercised and is in the midst of its first 5-year renewal. The lease also provides for 12.5% rent escalations every five years throughout the remaining option terms.

After the initial term and options, building ownership reverts to the ground lease landlord.

Key Highlights

• 45,500 SF retail building on a 4.57‑acre parcel offered as a ground lease interest
• Best Buy operating under a 20‑year absolute net ground lease
• Lease includes 4 (5‑year) options; after options end, building ownership reverts to the ground lease landlord

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FAQs

What type of property is this?

Retail space - 45,500 sf retail building on 4.57 acres offered as a ground lease interest with an operating Best Buy tenant.

Where is this retail space located?

The property is located at 230 Independence Way Danvers, MA.

What are key features of this property?

This property features: 45,500 SF retail building on a 4.57‑acre parcel offered as a ground lease interest; Best Buy operating under a 20‑year absolute net ground lease; Lease includes 4 (5‑year) options; after options end, building ownership reverts to the ground lease landlord