Connecticut Grocery-Anchored Retail Center Sells for $62M
A joint venture sold the asset.
East Coast Acquisitions has purchased Tri City Plaza, a 295,817-square-foot, grocery-anchored retail center in Vernon, Conn., for $62.5 million. DLC and Acadia Realty Trust sold the asset and were represented by CBRE National Retail Partners.
The property is 96 percent leased and anchored by ShopRite. Other anchor tenants include TJ Maxx, Home Goods, HomeSense and Hartford Healthcare.
The property is directly off Interstate 84, within 10 miles of downtown Hartford, and is also accessible via Talcottville Road and Hartford Turnpike.
READ ALSO: Retail Recovery Attracts Institutions
After a year of slightly negative net absorption, the Hartford-area retail market seems to have turned a corner in the first quarter, recording a figure of roughly 51,000 square feet, according to a report from Cushman & Wakefield. The activity saw the metro’s overall retail vacancy decline slightly to 6.9 percent on an inventory of just over 28 million square feet.
Another East Coast Acquisitions move came in March, when the company sold Weaverville Plaza, a 133,965-square-foot retail asset in Weaverville, N.C., to Publix for $30.5 million. East Coast sold the property, which the buyer anchors, after six years of ownership. Publix is one of several retail chains that have increasingly been purchasing their retail premises.
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