Photo courtesy of MANSARD

A Salem retail plaza has sold for $2.89 million.

The property at 369 South Broadway – also known as the heavily-trafficked Route 28 – is an 18,000-square-foot, multi-tenant property built in 1987, according to public records. It most recently sold in 2013 for $1.8 million.

According to Andover, Massachusetts commercial real estate brokerage MANSARD, whose agent Taylor Saulnier represented seller George Mouro in the transaction, the property’s roof was recently replaced. Other recent upgrades include a new, building-wide sprinkler system, refurbished parking lot, new HVAC systems and new signage. In addition, facade improvements are also planned.

The oldest tenant, a restaurant, dates back to 1990 and the newest recently signed a 10-year lease, MANSARD said.