Northern New England Retail/Hospitality

Marcus & Millichap Closes $13M Sale of Shopping Center in Vermont

Highgate Commons

Saint Albans City, VT – Marcus & Millichap announced the sale of Highgate Commons, a 224,000sf grocery-anchored shopping center, in Saint Albans City. The asset sold for $12,975,000.

James Koury and Alex Quinn, investment specialists in Marcus & Millichap’s Boston office, exclusively marketed the property on behalf of the seller, Commons Associates, a Vermont limited partnership. Adamo Mariani and Jesse DiGennaro, investment specialists in Marcus & Millichap’s Montreal office, procured the buyer, a partnership registered in Quebec, Canada. Jeffrey Nick, Marcus & Millichap’s broker of record in Vermont, assisted in closing the transaction.

According to Koury, senior managing director, investments, “The sellers originally developed the center over 40 years ago, during which time it has been an important part of serving the retail needs of the area’s residents. Now, it is time for new ownership to guide the center into its next phase of service.”

Located at 289 Swanton Rd., the shopping center is situated at the interchange of Interstate 89 and Route 207. Anchored by Hannaford and T.J. Maxx, the center is occupied by approximately 18 national, regional, and local tenants, which occupy about 60% of the square footage at the time of sale.