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A partially vacant South Shore shopping center sold for less than half of its previous sale price.
The Fieldstone Marketplace at 500 Kings Highway in New Bedford sold for $12.2M, according to deed records. The buyer was an entity linked to Zi Qian Zhang from Fall River, and the seller was WHLR Real Estate Investment Trust, Boston Business Journal first reported.
The site last sold in 2005 for $26M, according to public records.
CBRE's Nat Heald, Connor Scott and Jordana Roet represented the seller and procured the buyer. CBRE characterized the property as having "significant value-add potential."
The plaza encompasses 192K SF and is anchored by Ollie's Bargain Outlet and Restaurant Depot. The plaza is also home to Golden Star Chinese Restaurant, Wow! Work Out World, Dunkin’, Dollar Tree and Sally Beauty Supply.
For years the plaza and an adjacent one have sat empty on Kings Highway. Fieldstone has recently had a resurgence with several retailers signing leases.
Last year, Ollie's and Restaurant Depot opened in a space formerly occupied by a Shaw's. Caliente Mexican Grill and Chipotle have also opened or plan to open locations in the plaza.
Local officials and developers hope the MBTA project underway to extend South Coast Rail commuter train service will boost local commerce and development in New Bedford and other South Shore communities. A new train stop, Church Street MBTA Station, opened next door to the plaza in March.
A new MBTA stop on the same commuter rail line in Fall River has helped to build development buzz in that city, which is home to a potential 2M SF development project and a $139M infrastructure project.
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