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Stop & Shop to Close 32 Stores in the Northeast

by Hayden Spiess

Quincy, Mass. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year.  Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company.  “As we announced in May, Stop & Shop …

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Company newsConnecticutNews

Bob’s Stores to Close All 21 Remaining Locations After 70 Years in Business

by Hayden Spiess

Meriden, Conn. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New …

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ConnecticutLeasingMixed-useNews

Three Retailers Sign Leases at Atlantic Station in Stamford, Connecticut

by Hayden Spiess

Stamford, Conn. — Three new retail tenants have signed leases at Atlantic Station, a mixed-use development located in Stamford. Lovesac, Golf Lounge 18 and Fresh & Co. will occupy 28,000; 9,000; and 3,000 square feet, respectively. RXR owns the project, which features 650 residences and 82,000 square feet of retail space across two towers. Brian Scruton of Cushman & Wakefield represented Lovesac in the lease negotiations, with Tim Rorick and Janey Steinmetz of Newmark representing the landlord. Tyler Lyman of True Commecial represented both the landlord and tenant in the Golf …

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ConnecticutFinanceNews

Cronheim Mortgage Arranges $24 Million Financing for Avon Marketplace in Avon, Connecticut

by Hayden Spiess

Avon, Conn. — Cronheim Mortgage has arranged a $24 million loan for the permanent financing of Avon Marketplace, a 78,687-square-foot retail center located in Avon. Dev Morris, Andrew Stewart and Allison Villamagna secured the five-year loan on behalf of the borrower, an affiliate of David Adam Realty. Built in 1994, the property comprises two single-story buildings that were fully leased at the time of financing. Tenants at the center include Ulta Beauty, Athleta, LensCrafters, GAP Factory, New Balance, Starbucks Coffee, Verizon and The Orvis Co. 

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ConnecticutInvestment salesNews

Regency Purchases Compo Shopping Center in Westport, Connecticut for $45 Million

by Hayden Spiess

Westport, Conn. — Regency Centers has purchased Compo Shopping Center in Westport for $45 million. CVS/pharmacy anchors the center, which comprises two retail buildings. Dubbed Compo I and Compo II, the property’s buildings were 92 percent occupied at the time of sale. Totaling 76,368 square feet, the center will be joined with Regency’s adjacent retail center, Compo Acres. Together, the properties will form Compo Acres Shopping Center, which will total 120,000 square feet. Joanna R. Manfro of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. 

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ConnecticutFinanceNews

MMCC Arranges $9.5 Million Refinancing of Retail Center in Rocky Hill, Connecticut

by Hayden Spiess

Rocky Hill, Conn. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.5 million loan for the refinancing of a retail center located in Rocky Hill, located just south of Hartford. Tenants at the property include a supermarket and a bank. Gerald Kray of MMCC arranged the loan, which was structured with a five-year term, 7.1 percent interest rate and 65 percent loan-to-value ratio. 

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ConnecticutDevelopmentGrocery-anchoredNews

Regency to Develop 152,000-Square-Foot Retail Center in Cheshire, Connecticut 

by Hayden Spiess

Cheshire, Conn. — Regency Centers has acquired land in Cheshire, with plans to develop a 152,000-square-foot retail center at the site. Dubbed Cheshire Crossing, the property will comprise the retail component of the master-planned Stone Bridge Crossing community. Whole Foods Market will anchor the center, which will also feature a 23,000-square-foot T.J. Maxx, 18,000 square feet of junior anchor space, five outparcels and 38,000 square feet of inline shop space. 

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ConnecticutGrocery-anchoredInvestment salesNews

JLL Brokers $15.9 Million Sale of Northern New Jersey Shopping Center

by Hayden Spiess

Stratford, Conn. —Atlantic Capital Partners has negotiated the $24.6 million sale of North Town Center, a 115,000-square-foot shopping center located in the southern coastal Connecticut city of Stratford. Big Y Supermarket has anchored North Town Center, which was 93 percent leased at the time of sale, since 2008. Other tenants at the property include X-Golf, Town Line Liquors and Town Fair Tire. Justin Smith, Chris Peterson, Sam Koonce and Matt Ericson of Atlantic Capital Partners represented both the buyer and seller in the transaction. Stephen Joseph of Atlantic Capital arranged long-term …

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ConnecticutInvestment salesNews

Marcus & Millichap Brokers $19.2 Million Sale of Shopping Center in Manchester, Connecticut

by Hayden Spiess

Manchester, Conn. — Marcus & Millichap has brokered the $19.2 million sale of Manchester Parkade, a 302,000-square-foot shopping center located in Manchester, on the eastern outskirts of Hartford. Tenants at the center, which originally opened in 1962, include Dollar Tree, Planet Fitness, Kidzone and the State of Connecticut Department of Children’s Services. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller, the estate of Leon Charney, in the transaction. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

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ConnecticutLeasingNews

Whole Foods to Open 43,406-Square-Foot Store in South Windsor, Connecticut

by Hayden Spiess

South Windsor, Conn. — Whole Foods Market will open a new, 43,406-square-foot store in South Windsor. This will mark the fifth location for Whole Foods in the Hartford area.  Situated within The Shops at Evergreen Walk, the store is scheduled to open Jan. 17 and will feature more than 1,000 local items from New England. 

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