Two major commercial properties in Water Mill traded recently for a combined $39 million — the largest transaction for a retail property in Hamptons history.

Water Mill Square at 670 Montauk Highway — home to a slew of small eateries and businesses as well as the United States Post Office in Water Mill — and The Mill at 760 Montauk Highway — a large commercial complex up the block — were sold as a package deal. The buyer is Runyon Group, a Los Angeles-based, full-service real estate company.

HCRE, the Hamptons Commercial Real Estate Team at Compass, led by Hal Zwick and Jeffrey Sztorc, announced the deal on Wednesday, explaining that the founders of Vault Development Partners, Robert Zecher, owner of The Mill, and Ben Rinzler, owner of Water Mill Square and a partner in The Mill, teamed up to sell the two complexes, which represent 84% of the Gross Leasing area in the hamlet.

“This transaction is a clear signal of the strength of the Hamptons retail market,” said Zwick. “Assets with this level of visibility, tenancy, and long-term upside are incredibly rare, and achieving a record-setting sale speaks to both the quality of the properties and the continued demand from investors,” said Zwick, adding, “This is one of the best assemblages I have ever seen created and sold.”