CBRE closed the $14.2-million sale of Kings Plaza, a 168,000-square-foot shopping center located at 1024 Kings Hwy. in New Bedford, MA. Kings Plaza was acquired by a private investor from Cedar Realty Trust, Inc.
The CBRE National Retail Partners team of Nat Heald and Jordana Roet spearheaded the marketing campaign for the property and represented the seller.
“Shopping centers in eastern Massachusetts continue to see extremely strong demand from the investment community,” said Heald. “With underlying retail fundamentals and tenant demand at all-time highs, and with the falling cost of debt financing, pricing is approaching historic levels. We congratulate both buyer and seller on a smooth process and closing.”
Located across the street from a high-volume Super Stop & Shop, Kings Plaza is occupied by a range of home, fashion, entertainment, and medical tenants including Savers, Ocean State Job Lot, McDonald’s, FunZ Trampoline Park and the recently opened EC Barton Home Outlet.