Groton, Conn. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Groton Square, a 196,802-square-foot shopping center in southeastern Connecticut. Stop & Shop and Kohl’s anchor the center, which sits on 18 acres and was built in phases between 1983 and 1989. Other tenants include Panera Bread, Xfinity, PhysicianOne Urgent Care, CosmoProf, Verizon and Moe’s Southwest Grill. Jim Koury of IPA represented the buyer and seller in the transaction.
Milford and Torrington, Conn. — BridgeCore has provided fixed-rate, bridge loans to refinance two properties occupied by Subway in Milford and Torrington. The borrowers, which were both third-party Subway franchisees, used the cash-out proceeds of the financings to settle agreements with Subway Corporate for covering lease payments during the pandemic under the Project Service program offered by the state of Connecticut.
West Hartford, Conn. — First National Realty Partners (FNRP) has purchased Bishops Corner, a 259,104-square-foot retail center located in West Hartford, roughly five miles outside of Hartford. Tenants at the center, which is anchored by a 59,000-square-foot Target, include HomeGoods, The Paper Store, Mattress Firm, Orange Theory, AT&T, Bank of America, TD Bank, Noodles & Company, GNC, Subway and Massage Envy. Paul Penman of Newmark represented the undisclosed seller in the transaction.
Glastonbury, Conn. — Poag Shopping Centers has purchased The Shops at Somerset Square, a 113,422-square-foot open-air shopping center located in Glastonbury, roughly 10 miles southeast of Hartford. This acquisition is the continuation of a strategic partnership with JLL, in which Poag provides development and redevelopment services and JLL provides management and leasing services. JLL currently manages Poag’s existing portfolio of 10 open-air retail centers.
Wethersfield, Conn. — New England Retail Properties has arranged the sale of six retail properties in Connecticut net leased to Smithland Supply. Matt Halprin of Wethersfield, Connecticut-based New England Retail represented the sellers — Retail Property One LLC, Retail Property Two LLC, Retail Property Three LLC and Retail Property Four LLC — in the transactions. Previously operated as Agway stores, the freestanding Smithland Supply properties are located in Manchester, Southington, Bethel, North Haven, Middlefield and North Branford, Connecticut. The properties were acquired by Trio Fund I CT Portfolio.
Branford, Conn. — O,R&L Commercial has arranged the $18.9 million sale of Shoreline Plaza, a 77,037-square-foot retail center in the southern coastal Connecticut city of Branford. Tenants include Coastal Wine & Spirits, Staples, Shoreline Prime Meats & Deli and InShape Fitness. Frank Hird of O,R&L Commercial represented the seller, A&A Properties, in the transaction, and procured the buyer, an entity doing business as Executive Two Hundred LLC.
North Haven, Conn. — Cronheim Mortgage has secured a $23.5 million permanent loan for North Haven Pavilion, a 148,277-square-foot shopping center located north of New Haven. Tenants at the property include Michaels, Wendy’s and Hartford Healthcare. Dev Morris, David Poncia, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing on behalf of the borrower, a subsidiary of National Realty & Development Corp., which originally developed the center in 2004. The loan carried a 10-year term and a 30-year amortization schedule.
Plano, Texas — At Home opened three new home decor stores during the month of July. The company’s stores span an average of 100,000 square feet and offer up to 45,000 decor items, including furniture, rugs, wall art and housewares. New openings include a store located at 3400 Calle Cuervo NW in Albuquerque, New Mexico; a store located at 1212 75th St. in the Chicago suburb of Downer’s Grove, Illinois; and a location at 376 Universal Drive in North Haven, Connecticut. The Plano, Texas-based company now boasts a portfolio of …
Monroe and Newington, Conn. — Marcus & Millichap has brokered the sale of two Connecticut retail properties that are net leased to Walgreens for a combined price of $11.7 million. Both properties, which are located in Monroe and Newington, total approximately 15,000 square feet. Nick Geaneotes, Steve Garthwaite and Derrick Dougherty of Marcus & Millichap represented the sellers, both of which were limited liability companies, in the transactions. The trio also procured the undisclosed buyers. Susan Bands of Marcus & Millichap assisted in closing both deals as the broker of …
Ansonia, Conn. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $14 million sale of Ansonia Landing, a retail center located roughly 10 miles west of New Haven in Ansonia. Jim Koury of IPA represented the seller, Ansonia (E&A) LLC, and procured the buyer, RGMZ Acquisitions LLC, in the transaction. Built in 1979, the center was 91.5 percent leased at the time of sale to tenants including Stop & Shop and Ansonia Discount Wine & Liquor.
