Newington Commons plaza sold for almost $17M
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Part of the Newington Commons plaza in Newington.
A retail plaza off the Berlin Turnpike in Newington has been sold to a northeast commercial property management group for nearly $17 million.
The Newington Commons property features more than 191,000 square feet of space on 15 acres at 196-206 Kitts Lane, anchored by Stop & Shop and national tenants including Planet Fitness, Petco, and Bob's Stores. The plaza also has a free-standing restaurant, Joey Garlic's.
It was bought for $16.7 million by 172 Kitts Lane and principals Zi Zhang and Ai Hiu Lu of Fall River, Mass. The new owners have several large commercial properties in New England, New York and New Jersey, according to Joseph French, senior managing director at Marcus and Millichap Real Estate Investment Services, which represented the seller in the deal.
The previous owners, TLG Newington LLC, paid $33 million for the plaza in 2004, according to town property records.
French said the purchase was a value-add investment for the new owners. The prime commercial location along the busy Berlin Turnpike has the potential under new ownership to become a $30 million property with improvements, French said.
French and Kodi Traver, investment specialists in Marcus & Millichap’s Westchester office, along with Pierre Bonan from Mission Capital Advisors, a subsidiary of Marcus & Millichap, listed the property on behalf of the receiver, Gregg
Williams of Trident Pacific Real Estate Group LLC.
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