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March 16, 2023

Manhattan-based real estate investor pays $27.75M to add Ellington retail center to rapidly growing CT portfolio

Contributed 35 West Road, Ellington

Manhattan-based real estate developer-investor Krown Point Capital and partners recently paid $27.75 million for a Big Y-anchored shopping plaza in Ellington, adding to a growing portfolio of Connecticut investments.

The 29.9-acre site at 135 West Road includes three buildings totaling nearly 100,000 square feet that were constructed between 2006 and 2009. 

The main 80,641-square-foot building is anchored by Big Y. A 3,858-square-foot pad site hosts a McDonald’s.

Other tenants in the plaza include a gym, liquor store and daycare center.

Reggie D. Kronstadt, a principal of Krown Point, said he will perform cosmetic upgrades and add electric car charging stations. He is exploring the potential to develop up to six unused acres, although he’s not certain whether that will result in residential development or more commercial space.

Kronstadt said this site is “the premier retail center in Ellington. Big Y is a fantastic operator and a great anchor for this center. We look forward to working with them.”

Formed in summer 2020, Krown Point has previously focused on housing development.

The firm partnered with Connecticut Realty Trust and Jonis Realty to buy the new, 130-unit “Grand at Ridgewood” apartments in Granby in 2020, according to its website.

Krown Point is partnered with Connecticut Realty Trust and Monument Square Investment Group in ongoing construction of “The Grand Luxury Homes,” a development of 56 two-family and 19 single-family houses on 35 acres in Granby.  

The rental community will offer an array of amenities, including private garages, a pool, dog park, electric car charging stations, outdoor grills, fire pits and a clubhouse. It is expected to be completed this spring.

Krown Point and Connecticut Realty Trust will launch another housing development this spring, on 55 acres in Bloomfield. 

“Ryefield Village” will include 90 luxury townhomes available for rent. Amenities will include a clubhouse, pool, fire pits, bocce court and grilling stations. 

Units will range from 1,400 to 2,000 square feet, from two to four bedrooms on two to three floors. Construction is anticipated to take 26 months, according to Krown Point’s website.

Krown Point and CRT plan to begin construction on at least 113 single-family homes in two subdivisions in East Granby later this year. A prior owner of the properties had already begun site work. Krown Point anticipates the development will be completed within 24 months.

“We have about 400 units either built, in construction or in pre-development,” Kronstadt said.

Krown Point and its backers bought the Ellington shopping center earlier this month from Cornerstone Ellington LLC, whose principal is Bruce Fischman of Farmington. Krown Point and its partners used two limited liability companies for the purchase, splitting it into shares of 70% and 30%.

As part of the deal, these limited liability companies also assumed $11.5 million in mortgage debt Cornerstone owes to TD Bank. Kronstadt signed on as a guarantor of this debt, as did Kevin R. Wang and James A. Buller.

Joseph J. DeMaio, Bruce A. Fischman and Edwin P. Hoberman were the original guarantors of the debt under Cornerstone.

“We are very excited to be focused on longstanding commercial and residential transformative projects in Connecticut and have high conviction in the broader market and the amount of opportunity across the state,” Kronstadt said. 

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