BROOKLYN, CT– Marcus & Millichap announced the sale of Brooklyn Commons, a 106,900-square foot retail property located in Brooklyn, CT, according to John Horowitz, regional manager of the firm’s Boston office. The asset sold for $4,315,374.
Laurie Ann (LA) Drinkwater and Seth J. Richard, investment specialists in Marcus & Millichap’s Boston & New York offices respectively, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Laurie Ann (LA) Drinkwater and Seth J. Richard.
Brooklyn Commons is located at 564 Providence Rd in Brooklyn, CT. The shopping center is anchored by Ocean State Job Lot and is occupied by a mix of other national tenants including Dollar Tree, Rent A Center, Subway and includes three out parcels leased to AutoZone, KFC and a real estate office.
The center was nearly 60 percent occupied at the time of sale and provides the new owners with immediate upside in leasing the remaining vacancies Richard & Drinkwater stated. The property was also very well maintained by the previous owners over their nearly forty-year ownership.