Standish, ME Marcus & Millichap, a leading commercial real estate investment services firm, has completed the sale of Colonial Marketplace, a Hannaford-anchored retail shopping center, according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $6.495 million.
Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller, a private investor. Adam Cohen and Tim Elftman of Marcus & Millichap’s Boston office procured the buyer. Jennifer Athas acted as the broker of record.
“This was the first time this asset has traded hands,” said Dorfman. “The pristine state of the center, along with the seller’s impeccable bookkeeping made this a smooth transaction for our buyer.”
This Hannaford Supermarket anchored property is majority backed by corporate credit. Including a guaranty from Hannaford Bros Company (Co.) and the United States Government. Hannaford’s has demonstrated commitment to this location as they extended the lease an additional five years in 2016, they have been here for more than 25 years.
“More than 95 percent of the tenants within the center are fully reimbursing for their pro rata share of real estate taxes, insurance, and operating expenses,” said Sabharwal.
This highly visible shopping center is located at 111 Ossipee Trail, 17 miles west of Portland. The subject property is situated along Ossipee Trail East, which sees more than 14,000 vehicles per day.