Institutional Property Advisors Closes Sale of Stop & Shop-Anchored Shopping Center in Rhode Island for $21.65 Million
PAWTUCKET, R.I., July 6, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Cottage Plaza, a 84,455-square-foot Stop & Shop-anchored shopping center in Pawtucket, Rhode Island. The center sold for $21,650,000, which represents $256 per square foot.
“Ninety-eight percent of Cottage Plaza’s square footage and revenue are from durable, essential tenants,” said James Koury, IPA senior managing director. “The fact that none of the tenants were granted rent forbearance or forgiveness during the pandemic is a testament to the asset’s strength.” Koury, IPA’s Dean Zang and David Crotts represented the seller and procured the buyer, Arnold Gumowitch, president of AAG Management Inc. “This is one of the top Stop & Shops in the state of Rhode Island and the increase in store volume over 2020 only increased its dominance in the market,” added Koury. John Horowitz, first vice president and district manager is Marcus & Millichap’s broker of record in Rhode Island.
Built between 2004 and 2005 on 14.6 acres, the center’s location on George Bennett Highway makes it easily accessible from Interstate 95, Route 15 and Route 1A. The Pawtucket/Central Falls Transit Hub is within two miles and Providence is approximately four miles away. Companies with their headquarters in Pawtucket include Hasbro Toy Company, Pet Food Experts, Teknor Apex and Cooley Group. The population within three and five miles of the center is 130,000 and 260,000, respectively. Inline tenants include Advance Auto Parts, Pawtucket Wine & Spirits and Sally Beauty Supply with outparcel tenants Stop & Shop Gas, Wendy’s, and Dunkin Donuts.
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About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com