New Bedford, MA— CBRE announced the sale of Fieldstone Marketplace, a 192,003-square-foot shopping center located at 500 Kings Highway in New Bedford, Massachusetts. The property was acquired by a private real estate investor for $12.2 million, following a competitive marketing and sales process led by CBRE’s National Retail Partners team.
The CBRE team—Nat Heald, Connor Scott, and Jordana Roet—represented the seller throughout the transaction, marketing the retail complex and procuring 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 retail center, anchored by Restaurant Depot and Ollie’s, featuring low in-place rents and significant potential to increase value by leasing currently vacant space.
Strategically located adjacent to the new Church Street MBTA Station, the property provides direct commuter rail access to Boston and proximity to major employment centers. The surrounding New Bedford market is experiencing growth in both employment and residential development.
Additionally, recently enacted Transit Oriented Development (TOD) zoning covering Fieldstone Marketplace allows for greater density and mixed-use redevelopment, further enhancing the property’s investment potential.
