Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Colonial Marketplace, a Hannaford Anchored Retail Shopping Center, located in Standish, Maine, according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $6,495,000.

Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller, a private investor. Adam Cohen and Tim Elftman of Marcus & Millichap’s Boston office procured the buyer. Jennifer Athas acted as the Broker of Record.

“This was the first time this asset has traded hands.” says Dorfman. “The pristine state of the center, along with the seller’s impeccable book keeping made this a smooth transaction for our buyer”

This Hannaford Supermarket anchored property is majority backed by corporate credit. Including a guaranty from Hannaford Bros Company (Co.) and the United States Government. Hannaford’s has demonstrated commitment to this location as they extended the lease an additional five years in 2016, they have been here for more than 25 years.

“More than 95 percent of the tenants within the center are fully reimbursing for their pro rata share of real estate taxes, insurance, and operating expenses.” adds Sabharwal.

This highly visible shopping center is located at 111 Ossipee Trail, 17 miles west of Portland, the largest city in the state. The subject property is ideally situated along Ossipee Trail East, which sees more than 14,000 vehicles per day (VPD).

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com