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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.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
