Newmark Grubb Knight Frank sells Carriagetown Marketplace

Carriagetown Marketplace - Amesbury, Mass.

Amesbury, MA Newmark Grubb Knight Frank (NGKF)’s U.S. head of capital markets Robert Griffin, executive managing director Geoffrey Millerd and managing director Justin Smith negotiated the sale of Carriagetown Marketplace to Phillips Edison Grocery Center REIT II. According to public record Carriagetown Marketplace, LLC was sold to Carriagetown Station, LLC for $22.6 million.

The institutional-quality offering includes a 65,369 s/f Stop & Shop complemented by inline tenancy including Supercuts, Leary’s Fine Wines & Spirits, Verizon, Star Nail and Acapulcos. Constructed in 2000, the center was 99% leased at the time of the sale.

“Given its strategic positioning at the intersection of I-95 and 495, Carriagetown Marketplace drew significant institutional interest,” said Smith. “As two of Metro Boston’s most heavily-traveled highways, Interstates 95 and 495 boast average daily traffic counts of 55,300 and 57,700 vehicles, respectively.”

Carriagetown Marketplace also benefits from three- and five-mile population counts of 32,200 and 58,300 people, respectively, with coinciding average household incomes of $96,400 and $94,100.

“Home to the sole full-sized grocery option in the immediate area, Carriagetown Marketplace is a dominant center within the local market,” said Millerd. “The property serves both Amesbury and the neighboring towns of Salisbury and Merrimac, all of which are conveniently connected by Rte. 110.”