WESTERLY — The owner of McQuade's Marketplace said he is uncertain what he will do with the adjoining Main Street property he recently purchased.
"I bought it more for opportunity than for plans. I haven't made any plans as of yet," said Michael McQuade, discussing with The Sun the land and buildings he bought in December for $1.6 million.
The property at 94-110 Main St., which is just under 2 acres in size, adjoins the grocery store property at 106 Main St. The newly acquired property is home to Avie's Ski Sports and E-Z Midway Liquors. A different building on the property was the former home of Arrow Paper Party Rental and, more recently, the defunct Revival Interiors. In all there is about 20,000 square feet of retail space and a car lot with parking spaces for more than 100 vehicles.
McQuade said he was too busy during the holidays to devote time to planning for how he might use the property he recently purchased. The COVID-19 pandemic also makes it difficult to plan, he said. He runs the McQuade's grocery stores in both Westerly and Mystic.
The property was listed and sold by Chris and Amy Randall, who operate in tandem as The Chris Randall Group, of Randall Realtors' Charlestown office.
"For anyone looking to capitalize on Westerly's vibrant retail business, there's no better spot to be located than on Main Street," Chris Randall said in a news release. "With two buildings on its footprint, 94-110 Main St. offers investors the opportunity to establish a commercial foothold in the heart of Rhode Island’s premier beachfront community."
The property is located in an opportunity zone — a tax incentive for private investors to direct capital gains into equity investments, according to the news release.
"It's not often that retail space in Westerly's downtown area hits the open market, and even less common when the space features two separate buildings," Amy Randall said. "Business in Westerly really picks up in the summer, so now is the perfect time to get situated before the busy season."
McQuade also owns property at 117 Main St. and 1 Commerce St. Plans are underway to develop an employee parking lot there.