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December 6, 2023

CT grocery-anchored retail plaza sells for $33M

CBRE Hilltop Commons in Derby
By Michael Puffer

Real estate brokerage firm CBRE, on Monday, announced a $33 million sale of a Big Y-anchored shopping plaza in Derby.

Hilltop Commons, a retail plaza along busy New Haven Avenue, was sold by a partnership of Elmsford, New York-based real estate investment firm DLC and Hartford-based Hutensky Capital Partners to Kempner Properties and Lee & Associates as part of a 1031 exchange, according to CBRE.

Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the seller. CBRE also found the buyer.

In addition to Big Y, the plaza also hosts CVS, Dollar Tree and American Freight in the anchor building, along with Verizon, AT&T, McDonald’s, Wendy’s and Sherwin Williams on pad sites.

“The center’s attractive rent roll, high-volume grocery store anchor and long-term leases provide highly stable income, making Hilltop Commons a perfect 1031 exchange for the buyer,” Dunne said, according to a CBRE release.

DLC CEO Adam Ifshin said his company created the plaza from two vacant “boxes,” according to the release. 

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