NARRAGANSETT, R.I. — Gilbane, Inc. has sold the Narragansett Pier Marketplace, which includes several small retail businesses adjacent to the Belmont/IGA property owned by the town, for $1.8 million.
Town records show the buyer is Beachcomber Properties LLC, a real estate holding firm organized in February and managed by two Wakefield men, Scot Hallberg and Eric Bell, according to state filings.
The parcel’s $1.8 million sale last week marks the top commercial sale in Narragansett over the past 15 years, according to data maintained by the Rhode Island Multiple Listing Service.
Gregory Arakelian, Lila Delman Real Estate’s commercial director and residential sales associate, represented the seller, GP Pier Retail, LLC, a holding company operated by Gilbane Properties.
The sale included an undivided interest in three 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 Gilbane, the original developer.
Gilbane sold the former Belmont/IGA building to the town for $2.8 million in 2018, after voters passed a bond for $5.8 million with plans to turn it into a new library.
In a news release, Lila Delman Real Estate said the Pier Marketplace is the largest class A retail space in Narragansett Pier. It is steps from the town beach and minutes from the University of Rhode Island and Newport. The center is on four acres and contains retail, restaurants, office services and is surrounded by 141 luxury oceanfront condominiums.
Tenants in recent years have included Bank of America, Berkshire Hathaway, Dunkin’ Donuts, Edward Jones Investments, Fred Astaire Dance Studio, Kitchens Direct, Spa Thayer and Thai Best.
In addition to the buildings, the property has 111 parking spaces and shared rights to additional parking. The parcel also includes common areas and easements. It is operated with on-site property management and maintenance personnel.
Gilbane put the property on the market in 2019, at a time when Narragansett, led by the previous Town Council, was looking to unload the nearby Belmont building instead of renovating it into a library.
A plan to sell the Belmont to Connecticut developer Carlos Mouta failed to materialize, and the property was tied up in political controversy and litigation until recently when a new council took over.
Arakelian has participated in two of the top three commercial sales in Narragansett over the last 10 years, according to Delman.
He is also responsible for the highest commercial sale in Newport in the history of the current Rhode Island MLS system with the sale of the reimagined Wayfinder Hotel for $14.3 million.