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November 18, 2024

Big Y-anchored shopping center sells for $15.1M

COSTAR The Groton Shoppers Mart, on Poquonnock Road in Groton, recently sold.
By Greg Bordonaro

A Groton shopping center anchored by a Big Y supermarket has sold for $15.1 million and will undergo “substantial improvements,” according to the new owners. 

The four-building, 171,858-square-foot Groton Shoppers Mart, on Poquonnock Road, was purchased in October by a joint venture between Stamford-based Broadview Real Estate Partners and Sigmund Cos., headquartered in Washington, D.C.

D. Wright Sigmund, managing partner of the Sigmund Cos., said the new owners “plan to embark on a multipronged business plan, which includes substantial improvements to the look and feel of the physical environment and exciting new merchants that will benefit the community.”

According to a property brochure, significant renovations are already underway, including new paint, landscaping, façade enhancements and signage.

The brochure says up to 22,000 square feet are currently available within the property.

The four buildings involved in the deal have separate addresses: 971 Poquonnock Road (3,500 square feet); 915 Poquonnock Road (12,900 square feet); 985 Poquonnock Road (6,162 square feet); and 923-1001 Poquonnock Road (149,296 square feet).

Aside from Big Y as the anchor, other tenants in the shopping center include CVS Pharmacy, Chase Bank, Starbucks, and others, Sigmund said.

The property has been owned and operated by a private investor since it was constructed in 1961, according to the buyers.


Atlantic Capital Partners represented the owners in the sale, and Atlantic Retail will handle the leasing and management of the center, according to an announcement.
 

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