Dedham Mall
Dedham Mall was part of a nine-center portfolio acquisition made in 2007 with joint venture partner, O’Connor Capital Partners. Well-located with a strong tenant mix including Stop & Shop, Dick’s Sporting Goods, T.J. Maxx and productive small shops including Five Guys Burgers, Chipotle, and Starbucks, the 748,000 square foot center was well positioned as a dominant shopping place in its trade area.
In 2017, a victim of national store closures, the center’s two-level Sears went dark followed almost immediately by the adjacent Toys R Us. Over 170,000 square feet of first level space and 41,000 square feet of second level space was now available in a disrupted world where large brick and mortar deals were becoming very challenging.
Fast forward through an industry rocked by the pandemic to 2021 and the center’s successful repositioning is now complete. At 94,520 square feet, the décor superstore, At Home, opened one of only two Massachusetts locations. Burlington (Coat Factory) took over 45,000 square feet, Total Wine & More signed on, and Ashbrook Furniture opened in the 41,000 square foot second level space, bringing the center to 99% occupancy.
The center was sold October 2021 achieving a 6.1% in-place exit cap rate.
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