242 Andover St
Peabody, MA 01960
Retail Property For Sale

Peabody is a city in the North Shore region of Massachusetts located at the junction of Interstate 95 and U.S. Route 1, just 15 miles north of downtown Boston. Peabody has always had a rich history and experienced tremendous growth in industry and manufacturing in the late 18th century, with the most lucrative being the production of leather. By 1855 there were 27 tanneries and by 1919 Peabody was the world’s largest produce of leather, known as “Leather City” with 91 establishments dedicated to production and processing of leather. The mid 1900’s brought the onset of increased regulations, major work strikes, the Great Depression, and many companies moving overseas which all had a huge impact on the industry. Today, The Travel Leather Company is the only tannery still operating in Peabody. Since then, Peabody’s economy has proven to be resilient becoming a leader in the automobile and retail industries with multiple dealerships lining Andover Street (RT 114) and Peabody is home to the North Shore Mall and Liberty Tree Mall. The Northshore Mall is owned by Simon Properties and located on Route 114. The mall is currently approximately 1.59 million square feet and anchored by Nordstrom and Macy’s along with 140 specialty stores like J. Crew, DSW, Brooks Brothers, Orvis and more. It went through a multi-million dollar redevelopment to add several new restaurants concepts like Bancroft, Tony C’s Sports Bar and Caffe Nero. The Liberty Tree Mall consists of 854,000 square feet and boasts over 70 stores anchored by Best Buy, Kohl’s, Target, Nordstrom Rack, Total Wine and more. Peabody is one of the most accessible areas to the surrounding towns and communities and Route 1 is one of the main connectors that run North and South to and from Boston having traffic counts of more than 100,000 ADT. The adjacent towns include Lynnfield, Salem, Gloucester, Danvers and Lynn. The shopping traffic in the immediate trade area increases in the summer due to the coastal towns and beaches that attract tourists and vacationers. During the month of October the town of Salem attracts hundreds of thousands of visitors for Halloween. Additionally, Salem State (9,000 student body) and Endicott College (4,900 student body) are in close proximity. Other market drivers include The Lahey Medical which serves 800 patients, Mass General For Children in Salem employees 5,000+ , Analogic Corp and Communication Ink both employee 500.