$5M for AutoZone-Anchored Retail

An investor paid $5.2 million for the East Haven Shopping Center, a 52,752-square-foot neighborhood shopping center in East Haven, CT. That works out to a price of about $100 per square foot.

The center is 93% occupied, anchored by AutoZone and shadow-anchored by Home Depot. The center has excellent visibility from Interstate 95, where over 22,000 vehicles pass daily.

“The service-oriented, Internet-resistant rent roll attracted multiple offers from national, regional, and local buyers. The out-of-state buyer was able to complete the transaction by year-end, despite numerous complexities, said Mark Krantz of Marcus & Millichap (M&M), who with Mark Taylor and Derrick Dougherty had the exclusive listing to market the property on behalf of the seller, a Philadelphia-based development company.

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