The Maple Tree Place retail center in Williston (Burlington), Vermont has been sold in a $90 million deal to Cypress Equities. The 488,975 sqf mixed use retail/office property located at the intersection of Route 2 and 2A (Taft Corners) changed hands for just over $184 per sqf. Developed between 2001 and 2005 as the “town center” for Williston, the center is anchored by a strong mix of national and regional retailers such as Dick’s Sporting Goods, Christmas Tree Shops, Best Buy, Shaw’s, Staples, Guitar Center and Majestic Cinemas. Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the seller Retail Properties of America, Inc. in the sale.
CBRE’s Jeffrey Dunne says that “Maple Tree Place is the dominant center in the market and an important location for the anchor tenants, in particular. The only Best Buy and Christmas Tree Shops in Vermont are located at the Property and one of only two Dick’s locations in Vermont. Cypress Equities recognized the strength of the center and its tenancy as well as the significant value-add opportunities – both through lease-up of the current vacancy and further enhancing its position as the town center of Williston.”
