The Hampshire Companies has sold its Milford Plaza shopping center in Connecticut to Northpath Investments for $11 million.
Hampshire bought the property for $30 million in partnership with Stonemar Properties back in 2008
A CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer, and Travis Langer represented both Hampshire and Northpath in the sale of the 180,315 s/f grocery-anchored shopping center in Milford, CT.
Situated across the street from a newly developed ShopRite, Total Wine and Starbucks anchored center within Milford’s dense Route 1 retail corridor , the property is one mile from the 1.3 million s/f super-regional Connecticut Post Mall, anchored by Target, Dick’s Sporting Goods, and Macy’s.
Milford Plaza is approximately 65 percent leased and is anchored by a new G-Mart grocer, which provides a strong draw to the center from a wide trade area, as well as Planet Fitness, Dollar Tree and Hartford Healthcare, providing stable in-place income.
Dunne commented, “The offering represented a unique opportunity to acquire a value-add, grocery anchored center in a dense, infill market with over 108,000 residents within five miles. Milford Plaza provides stable in-place cash flow combined with the opportunity to grow NOI significantly through lease-up or partial redevelopment of the center.”
“We are very excited about our latest acquisition of Milford Plaza, which is strategically located along Boston Post Road near other major retailers. This purchase fits our company’s long-term value add strategy,” said Gershon Alexander, Principal at Northpath Investments, a New York-based investment company led by Alexander and Geoffrey Adler and focused on the acquisition, development, redevelopment, and management of retail, industrial, and office properties in the Northeast and Mid-Atlantic regions.
