RAYNHAM, MA—Atlantic Properties announced that it has brokered the sale of 66,000-square-foot retail center on 8.57 acres in Raynham, MA.
The property, located at 1470 New State Highway, was sold for $4.55 million. Atlantic Properties represented the seller, PRRL Associates, LLC. The property was sold to Shri Gopinathji, LLC.
Tenants include Signature Healthcare, Speedy Oil Change, Appliance Parts Center and Signarama.
Located on Route 44, the property is in close proximity to Route 495 and Route 24 allowing easy access to points, North, South, East and West. The high traffic location is desirable to tenants looking for visibility from the street.
When sold the property was approximately 65% leased affording the new ownership a deep value add opportunity. Utilizing an aggressive marketing campaign, multiple leases have been executed since closing.
“The acquisition of 1470 New State Highway is the latest in a string of value driven asset purchases by the buyer,” said Ben Stout of Atlantic Properties. “Long term tenants attracted the buyer to the building, but the tenant mix and value add component drove the transaction to the finish line.”
The acquisition was financed by Rockland Trust.
Ben Stout of Atlantic Properties was the sole broker in the transaction.