A private real estate investor has acquired Fieldstone Marketplace, a 192,003-square-foot shopping center located at 500 Kings Hwy. in New Bedford, MA. The sale price was $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. The team also procured the buyer.
“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.”
Fieldstone Marketplace is a recently repositioned shopping center anchored by retail tenants Restaurant Depot and Ollie’s. Recently enacted Transit Oriented Development Zoning covering Fieldstone Marketplace allows significantly more density through mixed-use redevelopment
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