Press Releases
Marcus & Millichap Arranges $4.8 Million Sale of Massachusetts Retail Center
October 18, 2024
BOSTON, Oct. 18, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Westmeadow Plaza, a 27,867-square-foot retail center in Westborough, Massachusetts, for $4.8 million.
“We saw strong interest in this asset from the very beginning of the marketing period,” said Brett Kilar, associate. “With seven competitive offers on the property, we were ultimately able to close the deal with a local private investor within striking range of the asking price. Multi-tenant retail strips like this one have garnered increased attention in recent years, particularly those with service-oriented tenants. This property has enjoyed long-term success at this location, and we look forward to seeing the new owner take it to the next level.”
“Well-located strip malls in high-density suburban locations continue to outperform in the market. We are seeing record-high occupancy for this type of product, with demand outpacing supply,” added Evan Griffith, senior vice president investments.
Griffith, Pepdjonovic and Brett Kilar, exclusively marketed the property on behalf of the seller, a private company and procured the Buyer.
Located at 164 Milk St., the fully leased retail center spans 3.58 acres and features a diverse lineup of 15 service-oriented tenants, including Papa Gino’s, H&R Block, Westborough Dentistree, and Spices of India. The property is shadow-anchored by a 149,980-square-foot shopping center with national retailers such as Planet Fitness, Tractor Supply and Dollar Tree.
“We saw strong interest in this asset from the very beginning of the marketing period,” said Brett Kilar, associate. “With seven competitive offers on the property, we were ultimately able to close the deal with a local private investor within striking range of the asking price. Multi-tenant retail strips like this one have garnered increased attention in recent years, particularly those with service-oriented tenants. This property has enjoyed long-term success at this location, and we look forward to seeing the new owner take it to the next level.”
“Well-located strip malls in high-density suburban locations continue to outperform in the market. We are seeing record-high occupancy for this type of product, with demand outpacing supply,” added Evan Griffith, senior vice president investments.
Griffith, Pepdjonovic and Brett Kilar, exclusively marketed the property on behalf of the seller, a private company and procured the Buyer.
Located at 164 Milk St., the fully leased retail center spans 3.58 acres and features a diverse lineup of 15 service-oriented tenants, including Papa Gino’s, H&R Block, Westborough Dentistree, and Spices of India. The property is shadow-anchored by a 149,980-square-foot shopping center with national retailers such as Planet Fitness, Tractor Supply and Dollar Tree.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
