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July 15, 2019 Deal Watch Today

W. Hartford retail bldg. sold for $8M

A West Hartford Center mixed-use retail building housing S.K. Lavery Appliance Co. and Fleet Feet shoes, among other tenants, has sold for $8 million, town files show.

Investors Michael Stone and Michael Fleischmann, through their Stone Point Properties LLC unit, purchased the 40,000-square-foot building on 1.88 acres at 1003 Farmington Ave., adjacent to People’s Bank. West Hartford Merchants Partnership is listed as the previous owner in town records.

S.K. Lavery, a longtime tenant in the 65-year-old building, will remain, a store staffer said Monday.

According to land records, the 2018 appraised value of the two-story building was $2.4 million, and its land valued at $2.6 million.

Stone, formerly a broker with CBRE New England, said there are no immediate plans for the structure/grounds, beyond facade and site improvements.

"We have been observing the West Hartford Center marketplace for a number of years and we like the fundamentals.,'' Stone said via email Monday. "Like Middletown, West Hartford is a vibrant community with an active downtown and we look forward to being a part of it."

The partnership's other investments include redevelopment of the former Capitol Theatre in downtown Middletown, 350 Main St.; and the recent development of the Wesleyan Bookstore, 413 Main St., and 70,000-square-foot Main Street Market, 386 Main St., Stone said. Stone Point also has assets in New Haven County and western Massachusetts.

 

CORRECTION: A previous version incorrectly listed the building's square footage.

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