Salt Pond Shopping Center sold for $39.2M

NARRAGANSETT – CBRE/New England’s Capital Markets team this week announced the sale of Salt Pond Shopping Center for $39.2 million to a subsidiary of Denver-based Dividend Capital Diversified Property Fund Inc.

The approximately 185,000-square-foot plaza, at 91 Point Judith Road, features 18 tenants such as Stop & Shop, Marshalls/HomeGoods, Sports Authority, West Marine and Dollar Tree.

CBRE/New England represented former owner Salt Pond Corp. in Atlanta, Ga., which purchased the plaza in 2004 for $30.7 million, and procured the buyer.

“Dividend has acquired a best-in-class, supermarket-anchored shopping center with exceptional sales volume and enormous barriers to entry,” CBRE/NE’s Bill Moylan said in a statement.

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Said Greg Moran, executive vice president of Diversified Property Fund, “Due to the lack of competing retail, Salt Pond serves as a regional shopping destination for the surrounding population where customers from a broad radius are able to fulfill much of their shopping needs in a single location. This acquisition is a continuation of our strategy to acquire high-quality, necessity-oriented shopping centers in high-barrier locations.”

Salt Pond Shopping Center is at the intersection of Point Judith Avenue (Route 108) and Woodruff Avenue.

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