The Mill, a diversified commercial real estate compound located in the heart of Water Mill on the north side of Montauk Highway, has sold for $13.1 million, announced the Hamptons Commercial Real Estate Team of Hal Zwick and Jeff Sztorc at Compass this week.
The new owner of the 29,500-square-foot shopping center with six individual buildings is Vault Development Partners.
The buildings are positioned in a village square setting with prime visibility from the street, the announcement notes.
“Water Mill is the gateway to the eastern communities of the Hamptons. Many have considered it a ‘drive-through.’ That is going to change,” buying and listing agent Hal Zwick said. “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-home owners will all have a reason to make the village a destination regularly.”
Tenants of The Mill include SoulCycle, Bistro Ete, Water Mill Wine and Spirits, and Provisions Natural Foods Market.
“The book of tenants at The Mill is extremely high quality for this geography,” the announcements states. “The buildings are turnkey as the entire property is in pristine condition.”
The property is 3.64 acres with parking for 154 vehicles and a traffic light in front and Tesla charging stations in the rear parking lot, and next door the Water Mill Crossing condo development is rising. The parking lot is office from the Station Road office buildings.
“We are thrilled to acquire such a prime property in one of the most desirable retail centers in the Hamptons investment marketplace,” said Robert Zecher, the CEO of Vault Development Partners. “We see tremendous potential for The Mill, and our team is eager to enhance its offerings.”
Staff Writer on Apr 26, 2023