Saugus Plaza Redevelopment
Saugus Plaza, a 209,655 square foot retail center located at the intersection of Routes 1 and 129 in Saugus, MA, one of the state’s dominant retail corridors, was in need of major revitalization after the bankruptcy and closing of two major tenants, Ames Department Stores and Decathlon Sports.
KeyPoint Partners’ Response
KeyPoint Partners successfully bought the lease at bankruptcy auction and negotiated with expanding retailer Kohl’s Department Stores to lease the former Ames space. Kohl’s held a hugely successful spring Grand Opening, for which close to a thousand shoppers began lining up before 7:00 am.
After the Kohl’s opening, Modell’s Sporting Goods, Famous Footwear, Bed Bath & Beyond, and other merchants signed long-term leases at Saugus Plaza, completing the re-tenanting of the center. Renovations to the facade and pylons were completed; these were managed by KeyPoint Partners’s Construction division, as were the tenant build-outs. KeyPoint Partners also worked with the owner to strengthen relationships with existing key tenants Wild Oats Market, Brooks Pharmacy, Dots, and CardSmart. In addition to exclusive leasing services, KeyPoint Partners provided asset, property, and construction management to Saugus Plaza and several other properties for the owner.
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