WAREHAM, MA-Private developer Joseph P. Iaciofano, of North Providence, RI, has picked up the Gateway Shopping Center here from Quincy & Co. for $3.4 million. The 18,390-sf plaza is anchored by CVS and is 100% leased.

The sale is yet another testament to the market for well-tenanted shopping centers, which are fast becoming the one of the most sought after assets for investors, according to Geoffrey Millerd, retail analyst for Cushman and Wakefield.

"Retail centers such as the Gateway Shopping Center are among today's hottest asset classes, and continue to draw unprecedented amounts of interest from a variety of investors," says Millerd, senior director at C&W. "This center, being in a prime location, drew a great deal of attention."

Conversely, the market also presents great opportunities for sellers in this buyer's frenzy. "The price was right and it was geared for marketing," Chris Quincy, president of Quincy and Co., explains to GlobeSt.com. "We had recently negotiated a long-termlease with the primary tenant, so the property was fully leased. The sale is a 1031 exchange and we have a 45-day window {ending Friday, Feb. 4} to take advantage of it. We have three retail properties we're looking at, and we {expect to get one of them}."

Quincy & Co. is affiliated with Quincy Insurance Co., and has a portfolio consisting primarily of "retail and office properties," according to Quincy, who adds that the company's philosophy is "historically, buy and hold."

Located near Interstates 195 and 495, the "gateway to Cape Cod", the shopping center has easy access to Main St. and has a parking ratio of 5.4 vehicles per 1,000 sf. The property sits on 2.89 acres and is fully occupied by five tenants, national chains Dunkin' Donuts, Hollywood Video and CVS, and local retailers Wareham Laundry and RentWay.

Iaciofano, who also owns Discount Broker Realty, has a varied portfolio consisting of national retail-anchored shopping centers, three AutoZone automotive stores, and Knight's Farm in Scituate, MA. Iaciofano declined to speak with GlobeSt.com. C&W's capital markets group of Robert E. Griffin Jr., Ryan B. Cox, and Millerd exclusively represented the seller and procured the buyer.