MANCHESTER, NH-Steven A. Cohen, president of the Cambridge, MA-based CEA Group Inc., has acquired an 86,709-sf shopping center along the main retail strip here for $11.5 million. It is the second retail plaza the seller has sold on the same street in the past two weeks.
Thomas Fini with the Fini Real Estate Group of Bedford, NH says the location of the Rosenstar shopping center along with its full roster of nationally known retail tenants brought in several offers, including two full-priced bids. "It had a tremendous amount of interest."
The tenant mix includes Pier 1 Imports, Modell's, Tweeters and Michael's along with a Chili's restaurant. All have long-term leases. With other retail outlets to support it located nearby and the demand in the area for retail space growing, there is little likelihood of any vacancy, Fini notes.
Fini along with Marc Strauss with Marcus & Millichap's Fort Lauderdale office represented the seller, Cliff Rosen of Rosen & Associates in Miami. Michael O'Mara of Eastern Net Lease Advisors of Medway, MA represented the buyer. Earlier this month, Rosen sold the Manchester Run shopping center for $13.4 million to Andrew Silberfien, managing member of the Stamford, CT-based Centerco Manchester LLC.
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