A Massachusetts-based private investor has purchased Park Avenue Plaza, a 24,750-square-foot retail property in Cranston, Rhode Island, for $4.8 million. The name of the buyer and seller were not disclosed.   

Located at 1375-1401 Park Ave, the property was constructed in 2006 on 2.63 acres and comprised two multi-tenant strip centers with 11 tenants, including local, regional, and national retailers.  

Marcus & Millichap marketed the property on behalf of the seller and procured the buyer with a team led by Cohen, Brett Kilar, Maria DeAngelis and Thomas Shihadeh. “Park Avenue Plaza is a well maintained, fully stabilized property with strong, service-oriented tenancy in a great location,” said Adam Cohen, first vice president of investments. “Despite significant headwinds due to rapidly increasing interest rates, we were still able to put a deal together at 95% of the original asking price, thanks to the strength of the asset.”