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REIT Buys ‘Dominant’ Amesbury Retail Property For $22M

Feb 23, 2016 | Reprints | Unlock Link | Print

Cincinnati, Ohio-based Phillips Edison Grocery Center REIT II has acquired the Carriagetown Marketplace in Amesbury for $22.6 million from Invesco Real Estate Advisors of Dallas.

Built in 2000, the 65,369-square-foot complex is anchored by Stop & Shop Supermarket and is 99 percent leased. Located near the junction of Routes 95 and 495, the complex has a 5-mile population of 58,300 with average household incomes of $94,100.

Newmark Grubb Knight Frank’s Robert Griffin, Geoffrey Millerd and Justin Smith represented the seller. The property drew significant institutional interest, according to NGKF.

“Home to the sole full-sized grocery option in the immediate area, Carriagetown Marketplace is a dominant center within the local market,” Millerd said in a statement.

Commercial & Industrial