After an $11 million deal, a shopping center in Connecticut has a new owner: a New York City-based investment firm.
Northpath Investments purchased Milford Plaza in Milford, Connecticut from the Hampshire Companies, CBRE announced last week. CBRE’s Jeffrey Dunne and David Gavin were among the team to represent the seller and procure the buyer.
Milford Plaza is a 180,000-square-foot shopping center anchored by a G-Mart grocer. Other tenants in the shopping center include Planet Fitness, Dollar Tree and Hartford Healthcare. According to CBRE’s release, the shopping center is about 65 percent leased.
One of the shopping center’s features is its location along the Route 1 retail corridor, which sees more than 31,000 cars drive through per day. Milford Plaza is across the street from a shopping center with a newly developed ShopRite, along with a Total Wine and a Starbucks.
Additionally, the shopping center is only one mile away from the 1.3-million-square-foot Connecticut Post Mall, which counts Target, Macy’s and Dick’s Sporting Goods as anchor tenants.
“We are very excited about our latest acquisition of Milford Plaza, which is strategically located along Boston Post Road near other major retailers,” Northpath Investments principal Gershon Alexander said in the release.
“This purchase fits our company’s long-term value add strategy,” he added.
The Hampshire Companies did not return a request for comment.
Northpath Investments is a privately held real estate firm based in New York City. The company acquires, develops, redevelops and manages retail, office and industrial properties. Its work is focused in the northeast and mid-Atlantic regions.
The firm’s acquisition of Milford Plaza comes at a dicey time for the retail industry amid problems linked to the pandemic and the supply chain and inflation crises. Retail traffic across the nation on Black Friday, typically the year’s biggest shopping day, dropped 28.3 percent from 2019 to 2021. Sensormatic Solutions data showed traffic was up 47.5 percent from 2020, though.