Press Release brought to you by CBRE/New England

CBRE/NE Sells Salt Pond Shopping Center for $39.2M

11/18/2014

Tuesday, November 18, 2014

 

 

CBRE/New England Contact:

Kara DeMichele

Tel: 617.912.7038

kara.demichele@cbre-ne.com

 

 

 

CBRE/NE Sells Salt Pond Shopping Center for $39.2M

Grocery-anchored shopping center sold in Rhode Island

 

BOSTON (Nov. 18, 2014) — CBRE/New England’s Capital Markets team announces the sale of Salt Pond Shopping Center, a dominant grocery-anchored shopping center located at 91 Point Judith Road in Narragansett, Rhode Island, for $39.2 million. Nationally recognized retailers including Stop & Shop, Marshalls/HomeGoods, Sports Authority, West Marine and Dollar Tree occupy approximately 80% of the property’s total square footage.

 

CBRE/New England’s Chris Angelone, Bill Moylan, Nat Heald and Bruce Lusa represented the seller and procured the buyer, a subsidiary of Dividend Capital Diversified Property Fund Inc.

 

“We are happy to have assisted both parties in this transaction,” said CBRE/NE’s Moylan. “Dividend has acquired a best-in-class, supermarket-anchored shopping center with exceptional sales volume and enormous barriers to entry.”

 

Salt Pond Shopping Center is located at the busy intersection of Point Judith Avenue (Route 108) and Woodruff Avenue, just off the exit from Route 1. These three arteries are the primary thoroughfares serving the town of Narragansett and the surrounding communities. The town of Narragansett is well positioned to draft off of several regional economic drivers and Salt Pond’s position in the market is well insulated from future competition. Primarily, Narragansett serves as a waterfront community for the city of Providence, the capital of Rhode Island and a major employment center in the government, finance, healthcare and education sectors.

 

 

 

About CBRE/New England

CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

 

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11/18/2014 - 12:48

Source

CBRE/New England

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