Westerly, RI Marcus & Millichap arranged the sale of Spindrift Village, a 42,200 s/f retail property, according to Thomas Shihadeh, regional manager of the firm’s Boston and Rhode Island office. The asset sold for $3.4 million.
Adam Cohen and Brett Kilar, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor. The Cohen Group also secured the buyer, a private investor.
Cohen and Kilar said, “Our client built this property and managed it for decades. It was important to him that we found a buyer who would honor the legacy of what he had built. We brought multiple offers to the table, and in the end selected a local buyer with a ton of experience managing multi-tenant retail properties”
Spindrift Village is located at 265 Post Rd. The property consists of two adjacent parcels, including a 42,200 s/f 20-tenant multi-tenant retail strip, along with a restaurant pad site on more than four acres.