ATTLEBORO, Mass., Aug 20, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Bristol Place, a 421,680-square-foot grocery-anchored power center in Attleboro, Massachusetts. The property sold for $58 million.
“Located within the largest retail concentration in the region, Bristol Place serves a trade area of more than 550,000 people,” said Joseph C. French Jr., IPA senior director. “The center has a very stable tenancy that dates back to the early-to-mid-1990s and management regularly receives inquiries from prospective tenants about availability.” French, Glen Kunofsky, Marcus & Millichap executive managing director investments, Thomas Dalzell of IPA and Russell Wachtler of Marcus & Millichap represented the seller, a sophisticated private real estate investor. French procured the buyer, a joint venture between a Boston-based private real estate firm and an institutional investor. John Horowitz is Marcus & Millichap’s broker of record in Massachusetts.
Built in 1993 on more than 45 acres and renovated in 2013, the center is situated within the Route 1/Washington Street retail corridor at the interchange of Interstate 95 and Route 1A, directly adjacent to the Massachusetts Bay Transportation Authority’s Attleboro commuter rail station. At the time of the sale, Bristol Place was 88.06% leased with two vacant units totaling 14,890 square feet. Major tenants include Market Basket, the leading grocery operator in New England, Home Depot, TJ Maxx, Hobby Lobby, Bob’s Stores, and Bob’s Discount Furniture. Non-anchor tenants are Party City, Mad Jack’s Wine & Spirits, Gentle Dental, and Supercuts. There are also two restaurants, Olive Garden and McDonald’s, a freestanding Verizon store and a Bank of America ATM.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.