Lila Delman Real Estate today announced the sale of 1-23 Pier Marketplace in Narragansett for $1,800,000.
Gregory Arakelian, Lila Delman’s Commercial Director and Residential Sales Associate represented the seller GP Pier Retail LLC.
According to data maintained by the Rhode Island Multiple Listing Service, this transaction marks the top commercial sale in Narragansett over the past 15 years.*
According to Lila Delman Real Estate, the Narragansett Pier Marketplace is the largest class A retail space in Narragansett Pier, steps from the best beach in New England, and minutes from the University of Rhode Island.
The center is on 4 acres and contains retail, restaurants, office services, and is surrounded by 141 luxury ocean-front condominiums. The sale included an undivided interest in 3 buildings totaling 16,731 square feet, and also included common interest in certain travel ways within the Pier Marketplace. 1-23 Pier Marketplace was the last remaining property in the Narragansett redevelopment district owned by the original developer, Gilbane Properties.
According to Lila Delman Real Estate, Gregory Arakelian has participated in 2 of the top 3 commercial sales in Narragansett over the last ten years. Arakelian is also responsible for the highest commercial sale in Newport in the history of the current RI MLS system with the sale of the reimagined Wayfinder Hotel for $14,340,000.*
* According to Lila Delman Real Estate these representations are based on information provided by the RI Statewide MLS for the period of January 01, 2006 – March 22, 2021. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.