New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
CBRE Team Reps RPAI in Home Depot Sale
RPAI has traded Home Depot Plaza, a 135,643-square-foot retail center in Orange, CT, for $16.25 million. The CBRE National Retail Partners team of Jeffrey Dunne, David Gavin and Travis Langer represented RPAI and procured the buyer, a private equity group.
“Home Depot Plaza provided a unique opportunity to purchase a value-add center on the heavily trafficked Route 1 corridor,” said Dunne. “We expect the buyer will fare well with the acquisition, due to its strong anchor providing stable income and additional upside opportunity.”
Currently, the center is 82% leased and anchored by Home Depot, thereby providing stable cash flow and additional upside through lease-up of the 25,000-square-foot vacancy. Its neighbors along the Route 1 corridor include Walmart, Costco, Whole Foods, Target, Best Buy and Lowe’s.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
