Thursday, October 6, 2022

Small Gloucester Shopping Center Has New Owner

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GLOUCESTER – When a client came to Chris Zarpas looking to invest in a shopping center, all Zarpas had to do to find a seller was go down the hall.

Zarpas’ client, a company called Sisters II, was selling one property and needed to buy another to minimize tax liabilities. Zarpas asked S.L. Nusbaum colleague Chris Hucke, who handles the leasing at the shopping center at 7028-7040 George Washington Memorial Highway in Gloucester, if he had any clients interested in selling. As it turns out, Hucke did.

“That’s how it all came together,” Zarpas said of the sale of the 16,541-square foot shopping center that features a Sherwin-Williams store, a Mattress Firm store and the Helping the Homeless thrift store.

The family behind Sisters II did not want to be identified, but they are natives of Hampton Roads with a large investment property portfolio, mostly in south Hampton Roads. They have no other holdings in Gloucester.

“They like the center because it has two national tenants, and they believe and support the mission of the nonprofit that is located there,” Zarpas said.

Zarpas added the new owners plan to resurface the parking lot and make other necessary cosmetic improvements.

“It will, otherwise, remain as it is,” he said.

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