Two cornerstone retail properties in Water Mill have been sold for a combined $39 million, setting a new record for the largest retail transaction in the history of the Hamptons. As reported on 27east.com, the blockbuster sale, which closed last week, includes Water Mill Square, located at 670 Montauk Highway, and The Mill, 760 Montauk Highway. Together, the two centers represent 84 percent of Water Mill’s gross leasing area.
The properties were sold by Vault Development Partners, led by Robert Zecher and Benjamin Rinzler. The transaction was brokered by Hal Zwick and Jeffrey Sztorc of the Hamptons Commercial Real Estate Team at Compass.
Water Mill Square features a 20,500-square-foot retail and office center situated on 2.26 acres, and has a mix of service, food, and lifestyle tenants. Neighboring property The Mill spans 29,314 square feet across 3.66 acres and is currently undergoing a repositioning to introduce new food concepts, curated outdoor elements, and experiential retail, according to a press release issued by Compass last Wednesday, May 6.
Last year, Zwick and Sztorc were behind a $30 million sale of commercial properties along the Sag Harbor waterfront.
The massive retail assemblage in Water Mill was finalized in 2023 when Zecher led the acquisition of The Mill to pair with Water Mill Square, which Rinzler’s family has owned for years.
“This portfolio has been a cornerstone of the Water Mill community for years, and it’s been incredibly rewarding to see it evolve into such a vibrant retail destination,” Zecher stated.