BOSTON– Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of a 60,488-square-foot Super Stop & Shop supermarket-anchored shopping center in Richmond, Rhode Island.
The HFF team marketed the property on behalf of the seller, and procured the institutional buyer.
The property comprises a Super Stop & Shop grocery store, Super Stop & Shop Fuel Center and a 5,000-square-foot Anytime Fitness. Located at 22 Kingstown Road, the shopping center is directly at the Interstate 95 and Route 138 interchange, which serves the upscale communities of Narragansett, Block Island and Charlestown. There are more than 58,000 residents within the property’s 10-mile trade area with an average household income of nearly $100,000.
The HFF investment advisory team representing the seller consisted of senior managing director James Koury.
According to Koury, “This represents an attractive opportunity for Agree as Stop & Shop not only has a commanding market share in the state of RI, but there isn’t another grocer to compete with their Richmond store within a 15-mile radius.”