Atlantic Capital Partners has arranged the $10 million sale of Quarry Square, a neighborhood strip center in Milford, MA. The 56,004-square-foot retail property is described as stabilized and is anchored by a mix of local fitness and restaurant concepts. Head of capital markets Justin Smith led the assignment for Atlantic Capital Partners, working alongside EVP Chris Peterson, senior associate Danielle Turpin and associate Matt Ericson. The team represented the seller, RJ Kelly, in the disposition.
Quarry Square is fully leased at the time of sale, with 17 retail tenants occupying 100% of the space. The leased-up status provides the buyer with immediate income stability at closing. According to Smith, the center combines durable, long-term cash flow with identifiable upside potential, reflecting both the current occupancy profile and the lease structure across the tenant roster.
The tenant mix at Quarry Square is characterized as diverse and resilient, with retailers that have a track record of renewing their leases at the property. This history of renewals supports the view that the asset has demonstrated staying power within its trade area. The presence of fitness and restaurant operators as anchors suggests that daily traffic generators and service-oriented uses play a central role in the center’s merchandising strategy, though specific tenant names were not disclosed.
Several leases at the property are approaching expiration, creating an opportunity for the new owner to adjust rents over time. Smith noted that many of the current rents are below prevailing market levels, positioning the buyer to increase net operating income as leases roll and are marked to fair market value. This dynamic offers a potential growth pathway on top of the existing in-place cash flow, aligning the asset with an income-plus-upside investment profile.
The 8.6-acre property is located along East Main Street, identified as the primary commercial corridor for the local submarket. East Main Street connects Milford to Interstate 495 and serves as a key link to the broader regional markets of Boston, Worcester and Lowell. This location gives Quarry Square visibility along a heavily trafficked route and access to regional consumer and commuter flows. The transaction underscores continuing investor interest in stabilized, grocery-anchored-style neighborhood retail formats, particularly those supported by everyday needs and service tenants in established suburban corridors.
