Joint venture pays $60M to acquire Milford mall after loan default

May 02, 2019 03:12PM

In New Haven County, the Milford Crossing Shopping Center has a new owner, the New Haven Register reported. Seattle-based real estate company Bridge33 Capital and New York-based Waterfall Asset Management have reportedly agreed to pay $59.6 million to purchase the mall, which was owned by Miami Beach-based LNR Partners. JLL brokered the sale. The 371,537-square-foot shopping center in Milford, located between Bridgeport and New Haven, is currently 98 percent leased. It includes stores such as Barnes & Noble, HomeGoods, Petco, Staples and Walmart. A spokesperson for Bridge33 Capital told the Register that the new owners of the 47-acre site “definitely want to keep our existing tenants.” Bridge33 and Waterfall Asset Management acquired the mall through an online auction after a previous owner defaulted on its loan, the outlet reported. [New Haven Register]