An aerial view of Milford Plaza. Photo courtesy of CRBE.
Commercial real estate company CBRE announced on Dec. 1 the $11 million sale of Milford Plaza, a 180,315-square-foot grocery-anchored shopping center in Milford. The CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer, and Travis Langer represented the owner, The Hampshire Companies, while also procuring the buyer, Northpath Investments.
Milford Plaza is situated across the street from another center containing a newly developed ShopRite, Total Wine and Starbucks anchored within Milford’s dense Route 1 retail corridor and is one mile from the Connecticut Post Mall.
Milford Plaza is approximately 65 percent leased and is anchored by a new G-Mart grocer, as well as Planet Fitness, Dollar Tree and Hartford HealthCare.
“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,” said Dunne. “Milford Plaza provides stable in-place cash flow combined with the opportunity to grow net operating income 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.