Kempner Properties Acquires Six Shopping Centers In Connecticut And Rhode Island For $30.75M

The transaction involves a portfolio of six shopping centers located at 248, 260, 260 W. Main Street; 1306 & 1330 Boston Post Road; 994 North Colony Road; 584 Main Avenue; 61 Boston Post Road; 1085 Blad Hill Road; and 890 Toll Gate Road, encompassing a total of 127,300 square feet in the markets of Avon, Milford, Wallingford, Norwalk, Orange, CT, and Warwick, RI. The sale price for this retail asset was $30,750,000, with a current occupancy of 92% and 40% of the space leased to Town Fair Tire on triple net leases. The remaining area is occupied by a variety of local, regional, and national tenants.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $30,750,000
• Buyer: Robert Kempner, Peter Kempner & Douglas Kempner - Kempner Properties
• Seller: Estate of Neil Mellen
• Broker: Jeffrey Winokur - JH Winokur
• Total Square Footage: 127,300
• Occupancy Rate: 92%
• Major Tenant: Town Fair Tire (40% of leased space)

Kempner Properties secured this acquisition, enhancing their portfolio with these strategically located shopping centers, reflecting a solid investment in both Connecticut and Rhode Island markets. The acquisition will enable the firm to leverage the existing tenant mix and occupancy to further their business objectives in the retail sector.