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Jun 15

Marcus & Millichap Broker 224,000 SF Grocery-Anchored Center in St. Albans VT for $12.9M

June 03, 2024
Highgate Commons - 289 Swanton Rd Saint Albans, VT

Saint Albans — James Koury and Alex Quinn, investment specialists in Marcus & Millichap’s Boston office completed the sale of Highgate Commons, a 224,000-square-foot grocery-anchored shopping center, in Saint Albans City, Vermont for $12,975,000. Hannaford and T.J. Maxx anchor the shopping center located at 289 Swanton Road.

Koury and Quinn exclusively marketed the property on behalf of the seller, Commons Associates, a Vermont limited partnership. Adamo Mariani and Jesse DiGennaro, investment specialists in Marcus & Millichap’s Montreal office, procured the buyer, a partnership registered in Quebec, Canada. Jeffrey Nick, Marcus & Millichap’s Broker of Record in Vermont, assisted in closing the transaction.

According to Koury, senior managing director, “The sellers originally developed the center over 40 years ago, during which time it has been an important part of serving the retail needs of the area’s residents. Now, it is time for new ownership to guide the center into its next phase of service.”

The retail center is situated at the interchange of Interstate 89 and Route 207. Along with Hannaford and T.J. Maxx, the center is occupied by approximately 18 national, regional, and local tenants, which occupy about 60 percent of the square footage at the time of sale. According to Placer AI, the center has recently drawn 1.5 million visitors over 12 months, ranking it in the top 10 percent of Vermont’s most visited shopping centers.