CBRE national retail team facilitates the sale of two shopping centers totaling 283,003 s/f

New Bedford, MA In a transaction arranged by CBRE, a private real estate investor has acquired Fieldstone Marketplace, a 192,003 s/f shopping center located at 500 Kings Hwy. Fieldstone Marketplace was purchased for $12.2 million. 

The CBRE national retail partners team of Nat Heald, Connor Scott, and Jordana Roet spearheaded the marketing campaign for the retail complex and represented the seller in the negotiations. The team also procured the buyer. 

Fieldstone Marketplace is a recently repositioned shopping center anchored by retail tenants Restaurant Depot and Ollie’s. The center has low in-place rents and value-add potential through leasing existing vacancy. Located adjacent to the newly opened Church St. MBTA Station, which offers regional residents direct commuter rail access to Boston and close-in major employment centers, the city is a growing employment and residential market. Additionally, recently enacted Transit Oriented Development Zoning covering Fieldstone Marketplace allows more density through mixed-use redevelopment.

CBRE has also completed the sale of Brighton Mills, a 91,000 s/f grocery-anchored shopping center located at 370 Western Ave. in Brighton, Mass. Urban Edge Partners acquired the asset for an undisclosed price. 

Heald, Roet, Scott and Scott Dragos of the CBRE national retail partners team led the marketing campaign for the shopping center and represented the seller in the negotiations. The team also procured the buyer. 

Anchored by Star Market, Brighton Mills Shopping Center is one of the few remaining traditional format, open-air shopping centers in the city of Boston. In addition to the supermarket anchor, major tenants at the property also include Petco, Spring Shabu Restaurant, Bank of America, and McDonald’s.

The immediate area features world-class demand drivers, including Harvard Business School, Harvard University, and New Balance’’s global headquarters. Brighton Mills Shopping Center is located in the rapidly densifying Brighton neighborhood of Boston, which has seen upwards of 980 units of multi-family recently delivered or currently in progress, as well as nearly one million s/f of hotel, life science, office, and academic space.

“We were excited to work on Fieldstone Marketplace and pleased with the level of aggressive competition,” said Heald. “Investors clearly indicated their demand for properties that combine in place yield, below replacement cost pricing and the potential to add value through leasing existing vacancy. We anticipate continued strong demand and pricing for properties that offer these attributes.”

“We are honored to have played a role in the sale of this high-profile shopping center in Boston,” said Heald. “Urban Edge Properties executed an extremely smooth and quick acquisition process, and we congratulate them on adding another first-class shopping center to their core Boston portfolio.”