News: Front Section
Posted: September 13, 2019
Institutional Property Advisors sells Bristol Place for $58 million - arranged by French, Kunofsky, Dalzell, Wachtler and Horowitz
Attleboro, MA Institutional Property Advisors (IPA), a division of Marcus & Millichap, completed the sale of Bristol Place, a 421,680 s/f center. The property sold for $58 million.
“Located within the largest retail concentration in the region, Bristol Place serves a trade area of more than 550,000 people,” said Joseph French, IPA senior director. “The center has a very stable tenancy that dates back to the early-to-mid-1990s and management regularly receives inquiries from prospective tenants about availability.”
French, Glen Kunofsky, Marcus & Millichap executive managing director investments, Thomas Dalzell of IPA and Russell Wachtler of Marcus & Millichap represented the seller, a private real estate investor. French procured the buyer, a joint venture between a Boston-based private real estate firm and an institutional investor. John Horowitz is Marcus & Millichap’s broker of record in Massachusetts.
Built in 1993 on 45 acres and renovated in 2013, the center is situated within the Rte. 1/Washington St. retail corridor at the interchange of I-95 and Rte. 1A, adjacent to the MBTA’s Attleboro commuter rail station. At the time of the sale, Bristol Place was 88.06% leased.
Major tenants include Market Basket, Home Depot, TJ Maxx, Hobby Lobby, Bob’s Stores, and Bob’s Discount Furniture. Non-anchor tenants are Party City, Mad Jack’s Wine & Spirits, Gentle Dental, and Supercuts. There are also two restaurants, Olive Garden and McDonald’s, a freestanding Verizon store and a Bank of America ATM.
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