Overview
Atlantic Capital Partners has been exclusively engaged to market for sale the cinema located at 32 Reiss Avenue in Lowell, MA. Situated at the crossroads of I-495 and US-3 (The Lowell Connector), the 41.80-acre site sits 28 miles north of downtown Boston, offering a tremendous redevelopment opportunity for one of the most significant parcels along the I-495 corridor. 32 Reiss Avenue draws from a regional submarket with a local population of over 205,000 people within a 5-mile radius earning over $88,005 per year.
The land is zoned HRC (High-Rise Commercial) which allows for significant densification and is being offered for sale without a formal asking price, free and clear of existing debt.
Investment Highlights
An Opportunistic Redevelopment
A 41.80-acre site with 77,908 SF of existing improvements that includes the Showcase Cinemas as well as the Chili’s and Outback Steakhouse outparcels
Crosspoint Towers – A Super-Regional Office Campus
The offering is located next to the Crosspoint Towers campus totaling nearly 1.25M square feet of contemporary office space home to tenants IBM, Verizon, and UKG.
I-495 and Route 3 Corridor with Unmatched Local Demographics
Strategically situated at the crossroads of I-495 and Route 3, which sees 128,000 VPD & 112,000 BPD, respectively. The asset draws from a five-mile population of over 205,000.
Dense Retail Corridor
Located in the Route 3 Retail Corridor, the asset is surrounded by national tenants Lowe’s, Stop & Shop, Target, and Harbor Freight.
Minutes from Boston
Ideally positioned just 30 miles from Boston situated at the crossroads of I-495 and Route 3.
Offered for Sale, Free and Clear of Existing Debt
The site is being offered unencumbered by existing debt through a formal Call for Offers process
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