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Boston & New England  + New England  + Retail  | 

25K-SF Rhode Island Retail Property Sold for $5M 

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.” 


Inside The Story

Brett KilarMaria DeAngelis Tom Shihadeh

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

  • ◦Sale/Acquisition