We are pleased to present for sale the leasehold interest in a newly constructed free-standing Jared the Galleria of Jewelry store located in North Attleboro (Greater Boston), Massachusetts. There are 40 years remaining on the ground lease and the new 20-year absolute NNN lease with Jared includes 10% rental increases every 5-years. The lease is corporately guaranteed by Sterling Jewelers, Inc., a wholly owned subsidiary of Signet Jewelers Limited (NYSE: SIG), the world’s largest retailer of diamond jewelry and the largest specialty jewelry retailer in the US, UK and Canada. Signet currently operates over 3,600 stores under the brands Kay Jewelers, Zales, Jared, H. Samuel, Ernest Jones, Peoples and Piercing Pagoda. The company’s annual sales of approximately $6 billion derive from the retailing of jewelry, watches and associated services.
Jared specifically chose this site as one of its five “Millennium” stores in the United States with specialized architecture and construction. The site sits as an outparcel to a proposed Whole Foods and is located directly across the street from the Emerald Square Shopping Mall, a one million square foot, 3-story shopping mall with 4 anchor tenants and 126 shop retailers. Adjacent to the subject property, there is a brand new Sleep Number which just opened and a BJ’s Restaurant currently slated to open February, 2020. The site benefits from its great visibility along South Washington Street, which boasts over 38,000 cars per day.
North Attleboro is an affluent town located just 39 miles southwest of Boston. With average household income exceeding $148,000 in a 1-mile radius, North Attleboro is the ideal market for Jared, who targets the upper mid-market jewelry customer. National retailers in the immediate vicinity include Macy’s, Verizon, J.C. Penny, Hollister, Forever 21, T-Mobile, Men’s Warehouse, H&M, PacSun, Target, Starbucks, CVS, PetSmart, Michael’s, Best Buy, Walmart, Dunkin’ Donuts, Lowe’s, Dick’s Sporting Goods, Bed Bath & Beyond, JoAnn, Ulta, DSW, Old Navy, Marshall’s, Panera Bread, Dollar Tree, Sleep Number, BJ’s, and many more. This is an excellent opportunity for an investor to purchase a stable, long term investment with zero landlord responsibility.