100% Leased Retail on Route 1 Corridor Trades in 1031 Deal
An affiliate of the Cappelli Organization has sold Milford Square, a 62,442-square-foot retail center in Milford, CT, for $28 million. RJ Milford LLC purchased the center as part of a 1031 exchange.
Jeffrey Dunne (pictured), David Gavin and Travis Langer of CBRE’s National Retail Partners group represented ownership in the sale. The buyer was represented by Mark Kandkhorov of Asset Commercial Realty Group.
The newly developed Milford Square is 100% leased to a diverse tenant mix, including REI, Panera, Verizon, Sleep Number and Pet Valu. There is no rollover until 2026.
“Milford Square provided a rare opportunity to purchase a fully-leased, newly-developed center in the highly trafficked Route 1 retail corridor,” said Dunne. “The center’s stable rent roll with long-term leases was a perfect fit for the purchaser’s 1031 exchange.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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