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Grocery-Anchored Retail Trades with Upside Potential
Marcus & Millichap closed the sale of The Shops at Ledgebrook, a 105,499-square-foot grocery-anchored shopping center in Winsted, CT. The property sold for $14.06 million.
“In order to achieve the highest price on the income in place, we demonstrated the property’s upside potential to investors,” said Joseph French Jr., senior managing director investments with the French Retail Team of Marcus & Millichap. “The challenge was to establish the value of approximately 33,000 square feet of vacancy.”
French and senior associate Kodi Traver represented the seller, a private investor based in Purchase, NY and procured the buyer, a Closter, NJ-based investor.
Built in 1989 on 14 acres, The Shops at Ledgebrook is anchored by a 52,704-square-foot Stop & Shop with gas pumps. The tenant roster features Webster Bank, Ledgebrook Spirit Shop, Community Residences Inc., Sophia’s Pizza Restaurant, and China Delight. John Krueger is Marcus & Millichap’s broker of record in Connecticut.
- ◦Sale/Acquisition
