A retail center in Water Mill has sold for $13.1 million.
Vault Development Partners, a real estate investment firm led by Robert Zecher, purchased the six-building, 29,500-square-foot retail complex called The Mill at 760 Montauk Highway.
The mostly occupied 3.64-acre property has one 4,690-square-foot vacancy, a space formerly occupied by Soul Cycle.
“We are thrilled to acquire such a prime property in one of the most desirable retail centers in the Hamptons investment marketplace,” Zecher, CEO of Vault Development Partners, said in a written statement. “We see tremendous potential for The Mill, and our team is eager to enhance its offerings.”
Hal Zwick and Jeff Sztorc of Compass represented the buyer, as well as the seller, Watermill Shoppes LLC, in the sales transaction.
“Water Mill is the gateway to the eastern communities of the Hamptons. Many have considered it a ‘drive-through.’ That is going to change,” Zwick said in the statement. “Robert Zecher and the team at Vault will enhance the center from the physical presence, tenant mix, and ongoing events. The locals, day-trippers, and second homeowners will all have a reason to make the village a destination regularly.”
i
