Thomas Flatley is considered one of the top real estate investors in the country. He has kept a low profile but also took the investment in a single home and transformed it into a 1.3 billion dollar fortune. The self made immigrant is now getting out of his commercial holdings in New Hampshire and Massachusetts. The majority of these properties are shopping centers.
Now the question I ask is guys like this tend to get ahead of markets. There is a tremendous amount of money chasing commercial investments right now. Is Flatley ahead of the market or is his age, 75, causing the exit strategy?
The 11 properties are expected to sell for about $500 million combined.
Flatley, 75, is also shopping his Braintree Hill Office Park, which has nearly 500,000 square feet of space in four buildings, for about $120 million.
Flatley properties for sale include the Dedham Mall, as well as shopping centers in Braintree, Canton, Falmouth, Barnstable, Medfield, and an unfinished site in Southborough in Massachusetts, as well as shopping centers in Belmont, Nashua, Portsmouth, and Rochester, New Hampshire.
Flatley hopes to use the proceeds of the sales to build his charitable foundation, which now stands at about $200 million. via BostonHerald.com.
Here is a great article on Thomas Flatley from the Business Journal in 1996 that shows he got into the Hotel game as it took off.
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I lived in a Flatley apartment community in North Andover, MA, around 15 years ago. Gated, guarded and everything in perfect condition at all times. Best apartment I ever had. The man's story is the American Dream writ large.
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