CBRE has successfully completed the sale of Kings Plaza, a popular shopping center in New Bedford, MA. The 168,000-square-foot property located at 1024 Kings Hwy was sold for $14.2 million to a private investor by Cedar Realty Trust, Inc.
The marketing campaign for the property was led by CBRE’s National Retail Partners team consisting of Nat Heald and Jordana Roet who also represented the seller.
According to Heald, there is currently high demand from investors for shopping centers in eastern Massachusetts due to strong retail fundamentals and tenant demand along with falling debt financing costs. This has resulted in pricing reaching historic levels. Both buyer and seller were congratulated on a smooth process and closing.
Kings Plaza is situated across from a busy Super Stop & Shop store and features various tenants including Savers, Ocean State Job Lot, McDonald’s as well as entertainment options like FunZ Trampoline Park. Recently opened EC Barton Home Outlet has also joined this diverse mix of home decor retailers at Kings Plaza.
Cedar Realty Trust can now add another successful divestment to its portfolio with the sale of this thriving New Bedford shopping center.
