Narragansett, RI – March 22, 2021 – Lila Delman Real Estate continues to lead Narragansett’s commercial real estate market with the sale of 1-23 Pier Marketplace 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.*
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 and Newport. 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.
Gregory Arakelian is a resource for premium commercial property in RI, having 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.* Arakelian’s energy, knowledge, experience, and success have been recognized by National companies such as the CoStar Group, a leading provider of commercial real estate in the world, which named him a Power Broker in 2013, 2015 and 2019. This award recognizes distinguished professionals in commercial real estate brokerage by analyzing their achievements within their respective markets.
* 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.