$39M Water Mill Retail Sale Marks Largest In History Of Hamptons

WATER MILL, NY — The largest retail transaction in the history of the Hamptons has just been unveiled — Vault Development Partners has just closed a $39 million Water Mill retail sale.

HCRE, the Hamptons Commercial Real Estate Team at Compass, led by Hal Zwick and Jeffrey Sztorc, said that they were pleased to announce the closing of two premier retail properties in Water Mill—670 Montauk Highway (Water Mill Square) and 760 Montauk Highway (The Mill)—for a combined $39 million.

This marks the largest retail transaction in the history of the Hamptons, HCRE said.

Together the properties represented 84 percent of the gross leasing area of Water Mill, HCRE said.

"This is one of the best assemblages I have ever seen created and sold," said Zwick.

The properties were sold by Robert Zecher and Benjamin Rinzler; Rinzler has been the long-time owner of Water Mill Square and in 2023, Zecher led the acquisition to purchase The Mill to create the Water Mill assemblage, HCRE said.

Their stewardship helped establish both centers as key retail destinations in Southampton Town, HCRE added.

"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," said Zecher. "I’m proud of what we built here and confident these properties are well-positioned for continued success under new ownership."

Positioned along Montauk Highway, the properties benefit from strong visibility, convenient access, and consistent year-round traffic, bolstered by nearby luxury residential developments that continue to drive growth in the area, HCRE said.

"When my father Milton and I bought Water Mill Square, we had a vision to shepherd a renaissance in Water Mill, making it a destination for experience and culture," Rinzler said. "I look forward to seeing the new owners continuation of this shared vision.”"

Water Mill Square, located at 670 Montauk Highway, is a 20,500-square-foot retail and office center on 2.26 acres, featuring a strong mix of service, food, and lifestyle tenants, ample parking, and a central location.

The Mill, located at 760 Montauk Highway, spans 29,314 square feet across a 3.66-acre site and is being repositioned as a retail and lifestyle destination, with new food concepts, experiential retail, and curated outdoor elements, HCRE said.

"This transaction is a clear signal of the strength of the Hamptons retail market," said Zwick of HCRE at Compass. "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."

The transaction reflects strong investor confidence in the East End retail market, driven by limited supply, affluent demographics, and the Hamptons’ evolution into a year-round destination, HCRE at Compass said.