Old Lyme, Conn. — A joint venture between Zelco Properties & Development, Grossman Development Group and The McDevitt Co. has acquired Old Lyme Marketplace, a 102,500-square-foot community shopping center in Old Lyme, approximately 40 miles southeast of Hartford. Big Y Supermarket anchors the property, which features a mix of additional tenants including Walgreens, Grand Wine & Spirits and The Bowerbird gift shop.
With the acquisition, the joint venture plans to renovate the property with aesthetic enhancements and targeted leasing initiatives. The center was originally built in 1959 on nearly 24 acres, according to LoopNet Inc.
Charter Realty, the leasing arm of Zelco Properties & Development, will handle leasing efforts at Old Lyme Marketplace, while Grossman Development Group will oversee property management.