Griffith Pepdjonovic Group of Marcus & Millichap Arranges the Sale of $9.95M Retail Property in Marshfield, Massachusetts

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Shops at Ocean’s Gate, a 38,247-square foot retail property located in Marshfield, Massachusetts. The asset sold for $9,950,000.

“Multi-tenant retail centers in high traffic locations have recovered quite dramatically since the pandemic with vacancy at record lows and increased investor demand,” said Griffith, senior vice president investments. “This property sits on an outparcel of the grocery anchored Webster Square Shopping Center, one of the busiest retail intersections on the South Shore.”

Griffith and Tony Pepdjonovic, investment specialists in Marcus & Millichap’s Boston office, represented the seller, a Massachusetts-based LLC. A Massachusetts-based private investor bought the property.

“Marshfield has really benefited from the hybrid work from home schedule with more residents living full time in this busy summer destination,” adds Pepdjonovic, senior vice president investments. “The new ownership was attracted to the nice synergistic mix of tenants as well as the historic high occupancy of the center.”

The Shop’s at Ocean’s Gate is located at 1899 Ocean Street and is situated on a 1.34-acre lot. Major tenants include Domino’s Pizza, Station 8 Restaurant, Salon De Suites, The Genesis Fit, and Sweetfrog Frozen Yogurt. Built in 2010, the shopping center is comprised of 14 retail spaces and was over 90% occupied at the time of the sale. 

About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.