JFK Plaza is a 151,000 SF community shopping center located on just over 14 acres in Waterville, Maine. The center is anchored by a highly successful Hannaford Supermarket along with a Tractor Supply, TJ Maxx, Joanne Fabric’s and Aaron’s Rental among others. The center was purchased with 33,000 sf vacancy. Under NHG’s ownership, the property underwent significant capital improvements and extended all the major tenants to 10+ year leases. Old Navy was the final tenant leased to with significant landlord improvements solidifying one of the strongest rent rolls in New England.
The Property is in a high traffic area with downtown Waterville and Colby College nearby. This property was purchased by an affiliate of the New Haven Group in a joint venture. We performed a series of improvements and capital projects and have renewed all the major tenants and recently inked a new lease with Old Navy. Steve Inglese located a buyer and negotiated a sale of the property on behalf of the partnership that involved the assumption of extremely favorable financing in place. The Property sold in September 2022 which created significant value over the life of the investment.
|Strong Grocery Anchored Shopping Center|
|Fantastic junior anchors|
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