WATERFORD, CT – Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Stop & Shop Gas, a 44,431-square foot net-leased property located in Waterford, CT, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $1,825,000.
Laurie Ann Drinkwater and Seth J. Richard, investment specialists in Marcus & Millichap’s Boston & Manhattan offices respectively, had the exclusive listing to market the property on behalf of the seller, a private investor whom the duo initially sold the property to. The buyer, a private investor, was secured and represented by Laurie Ann Drinkwater and Seth J. Richard.
Built in 2009, Stop & Shop Gas is located at 155 Boston Post Rd in Waterford, CT. “The age of the improvements, layout of the property and the strategic positioning along Route 1 were all contributing factors in the sale of this asset. By far the most important factor was that this location was an early and successful site for the tenant and was secured by a corporate guarantee from one of the largest international food retailers in the United States” commented Richard.
Drinkwater noted that “working again with this seller and the repeat buyer was a perfect example of how our experience and relationships drive our transactions to close, even in difficult and uncertain markets. We thank both buyer and seller for their commitment to this transaction and working toward the mutual goal of closing on this sale.”