NEW BEDFORD – A shopping plaza with 168,000 square feet of commercial space recently sold for $14.2 million, according to public records and an announcement from CBRE Group Inc.
The sale included both 1024 Kings Highway and 1080 Kings Highway, according to the quitclaim deed, a public record of the sale.
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CBRE said the property was purchased by a private investor from Cedar Realty Trust Inc., which is a real estate investment trust that invests in shopping centers, as a subsidiary of Wheeler Real Estate Investment Trust, based in Virginia Beach, Va.
The Kings Plaza Shopping Center is occupied by businesses such as Savers, Ocean State Job Lot, McDonald’s, FunZ Trampoline Park and the recently opened EC Barton Home Outlet, according to CBRE.
The property, located along Kings Highway at Exit 4, off of Mass. State Highway 104, is directly across the street from a high-volume Super Stop & Shop grocery store, according to CBRE.
According to the quitclaim deed, the plaza was sold by Cedar Kings LLC, a Delaware limited liability company based in Virginia Beach. Cedar Kings LLC and Cedar Fieldstone LLC owned the 1024 and 1080 Kings Highway properties since 2007, according to the city’s online property tax assessment cards.
The 1024 Kings Highway property was purchased by 1024 Kings Highway LLC, a Massachusetts limited liability company based in Fall River, according to the quitclaim deed. The company was established in June, and it is a commercial real estate firm managed by Zi Qian Zhang, of Fall River, according to an online database of corporations maintained by the Mass. Secretary of the Commonwealth Corporations Division.
The CBRE National Retail Partners team of Nat Heald and Jordana Roet represented the seller in this transaction, and they also spearheaded the marketing campaign for the property.
Heald said the transaction demonstrates strength in the shopping plaza market in eastern Massachusetts.
“Shopping centers in eastern Massachusetts continue to see extremely strong demand from the investment community,” Heald said in a statement. “With underlying retail fundamentals and tenant demand at all-time highs, and with the falling cost of debt financing, pricing is approaching historic levels.”
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
