Clarion Partners has sold the Village Shoppes of Salem shopping center in Salem, N.H., for $39.9 million, said a broker involved in the transaction.
The broker is the Boston office of CBRE/New England’s National Retail Investment Group, or NRIG. CBRE Inc., headquartered in Los Angeles, is a large commercial real estate services firm.
CBRE said it represented the seller in the transaction and procured the buyer, Route 28 Salem LP.
Village Shoppes of Salem is just over the Massachusetts border and is 28 miles north of Boston; New Hampshire’s sales-tax free status makes this shopping center a big draw for Bay State consumers, CBRE said.
The shopping center is fully occupied with such tenants as Best Buy, Sports Authority, DSW, PetSmart, and Michaels, CBRE said.