Brooks Properties Sells New Brite Plaza
24 Jul, 2007, Boston, MA
Cushman & Wakefield Handles $9.5 Million Transaction
Cushman & Wakefield today announced the $9.5 million sale of NEW BRITE PLAZA, a traditional 164,042 square foot shopping center situated in the heart of downtown New Britain at the intersection of Routes 71 and 174. Cushman & Wakefield's Capital Markets Group of Robert E. Griffin, Jr., Geoffrey Millerd and Michael d’Hemecourt exclusively represented the seller and procured the buyer -- Pennsylvania-based WP Realty -- in the transaction.
NEW BRITE PLAZA is located is less than two miles from Central Connecticut State University and nine miles southwest of the capitol city of Hartford. The City of New Britain has initiated a multi-million dollar revitalization plan for the area, which was traditionally a manufacturing center and home of the well-known Stanley Works, world-wide producer of tools and hardware.
The shopping center was formerly anchored by an IGA Supermarket in 51,318 square feet. Other tenants include Dollar Dreams, Advance Auto, Town Fair Tires and McDonald’s. The property enjoys high visibility at the confluence of five major roadways and is situated directly across from the access ramp for Route 72, a major thoroughfare that provides direct access to Interstates 84 and 91. There is excellent access to the shopping center via four curb cuts and a signalized intersection at East Main Street.
Along with high traffic counts, NEW BRITE PLAZA also draws significant foot traffic from neighboring apartment buildings, and is well-positioned to become the dominant shopping destination in the area. NEW BRITE PLAZA provides an excellent opportunity to acquire a well-located community shopping center with considerable upside through the lease-up of the vacant anchor space.
This is the second property that Cushman & Wakefield has sold for Brooks Properties in this past year.
About Cushman & Wakefield
Cushman & Wakefield is the world’s preeminent real estate services firm. Founded in 1917, the firm has 197 offices in 55 countries around the globe, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Manchester, New Hampshire; Hartford and Stamford, Connecticut; and Portland Maine. To find out more about Cushman & Wakefield, please call 617.330.6966, or visit the firm’s Web site at www.cushwake.com
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