Flatley to sell 10 Mass., N.H. shopping
centers for $500m

By Jenn Ableson, Globe Staff | May 8, 2007

Developer Thomas Flatley is selling his 10 shopping centers for about $500 million to a joint venture of the Wilder Cos. of Boston and O'Connor Capital Partners in New York.

The retail properties in Massachusetts and Southern New Hampshire consist of about 2.3 million square feet. They include the Dedham Mall, Village Shoppes in Canton, Falmouth Mall, and Medfield Shops.

Three of the New Hampshire shopping centers are currently under construction -- Portsmouth Circle, Rochester Shoppes, and Rochester Shoppes East -- and are expected to be completed this year.

"These centers have great access, great visibility, and a great mix of retail," Thomas V. Wilder , of Wilder Cos., said yesterday in an interview.

Flatley, 75, told the Globe in an earlier interview that he is selling off his entire portfolio of shopping centers because the market for commercial properties is good now, and, "There are times when you turn 75 that you do things that you might not do when you are 45."

Born in Ireland, Flatley came to America in 1950 and over 50 years, built a real estate fortune worth an estimated $1.3 billion according to Forbes magazine.

Wilder Cos. and O'Connor Capital Partners, whose managing partner is Jerry O'Connor, have worked together on two ventures in Florida in recent years.

In Massachusetts, Wilder is building a mixed-use development in Northborough and O'Connor was a partner in the newly opened Wayside Commons lifestyle center in Burlington.

With the acquisition of the 10 shopping centers, Wilder said there are opportunities at Dedham Mall and the Village Shoppes in Canton to enhance pedestrian access and expand the number of retailers.

The shopping centers fetched more than a dozen offers, according to Rob Griffin , president of Cushman & Wakefield New England, which brokered the deal; three offers came in at almost the exact price, Griffin said yesterday.

"The combination of Jerry O'Connor being a Boston guy, growing up in Boston and Wilder being local and having expertise here in retail was exactly the right mix for the Flatley Co.," Griffin said.

Jenn Abelson can be reached at abelson@globe.com.
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