Fairhaven Commons, a Fairhaven shopping center, sells for $23.8m

Photo courtesy of HFF.
Photo courtesy of HFF.

The commercial real estate firm HFF announced Thursday that it has closed the $23.8 million sale of Fairhaven Commons, a 212,393-square-foot shopping center in Fairhaven whose anchor tenants are Walmart and Marshalls.

HFF said it exclusively marketed the property on behalf of the seller, Heyman Properties. The identity of the buyer is not being disclosed.

Fairhaven Commons is located near major local and regional thoroughfares, including State Routes 6 and 240, and Interstate 195. At the time of sale, the property was 93 percent leased.  Additional tenants include Sears Hardware, Ocean State Job Lot, GNC, and Wendy’s. 

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The HFF team representing the buyer was led by senior managing director James Koury and director Ben Sayles.

“This center will provide the buyer with a secure, long-term cash flow generated by Walmart and Marshalls,” Koury said in a statement. “Necessity retail has been at the top of investors’ acquisition criteria for a while, and Fairhaven Commons fits the bill perfectly.”