Repositioned New Bedford Marketplace Sells for $12.2M via CBRE

NEW BEDFORD — In a transaction arranged by CBRE, a private real estate investor has acquired Fieldstone Marketplace, a 192,003 sq. ft. shopping center located at 500 Kings Highway in New Bedford, MA. Fieldstone was purchased for $12.2 million.

The CBRE National Retail Partners team of Nat Heald, Connor Scott, and Jordana Roet spearheaded the marketing campaign for the retail complex and represented the seller in the negotiations. The team also procured the buyer.

“We were excited to work on Fieldstone Marketplace and pleased with the level of aggressive competition,” said Heald. “Investors clearly indicated their demand for properties that combine in-place yield, below replacement cost pricing and the potential to add value through leasing existing vacancy. We anticipate continued strong demand and pricing for properties that offer these attributes.”

According to a release, Fieldstone Marketplace is a recently repositioned shopping center anchored by retail tenants Restaurant Depot and Ollie’s. The center has low in-place rents and significant value-add potential through leasing existing vacancy. Located adjacent to the newly opened Church Street MBTA Station, which offers regional residents direct commuter rail access to Boston and major employment centers. New Bedford is a growing employment and residential market. Additionally, recently enacted Transit Oriented Development covering Fieldstone Marketplace allows dramatically more density through mixed-use redevelopment.