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February 15, 2024

CT retail plaza sells for $24.65M; buyer eyes property upgrades

Costar North Town Center plaza, 355 Hawley Lane, Stratford.

A grocery-anchored shopping center in Stratford was recently sold for $24.65 million.

The North Town Center plaza at 355 Hawley Lane features 115,000 square feet of space that is 93% occupied by a mix of local and national retail tenants. The 56,000-square-foot Big Y supermarket has been an anchor store in the plaza since 2008.

The buyers are North Town Center LLC, affiliates of Chestnut Realty Management LLC based out of Springfield, Mass., according to town land records. The seller was DCR7S1CT LLC, an affiliate of Massachusetts-based KeyPoint Partners, according to town records. 

The buyer and seller for the Feb. 2 deal were represented by brokerage firm Atlantic Capital Partners and Justin Smith, head of capital markets; Chris Peterson, executive vice president of capital markets; Sam Koonce, vice president; and Matt Ericson, analyst.

Other plaza tenants include Town Line Liquors, Town Fair Tire, and XGolf. Smith said, “This super-regional node draws traffic from an expansive trade area, resulting in nearly all retailers operating highly productive locations in this submarket.” 

Smith said the new owners’ intention is to keep all current tenants and will likely invest in immediate upgrades to the property in an attempt to fill the remaining vacancies.

The plaza is flanked by three major highways – CT-15 (Merritt Parkway), CT-8 and Interstate 95 – drawing traffic from nearby Trumbull, Shelton, Milford and Bridgeport, the partners said.

The property has a 2019 appraised value of $27 million, according to town records.
 

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