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NEW BRITAIN, CT. –Pleasantville, NY-based Yale Realty Services acquired the Newington Commons shopping center here for $24.5 million. Newington Commons, which is located at 600 Hartford Rd., totals 189,724 sf. The development consists of a 183,365-sf big-box strip and a 6,359-sf free-standing pad site.

The New York City office of LJ Melody & Co., the real estate banking arm of CB Richard Ellis arranged the financing package for TLG Newington LLC, an affiliate of Yale. Morgan Stanley Mortgage Capital Inc., provided the funding for the purchase. Keith Braddish, a senior director with LJ Melody secured the funding for the transaction that closed in mid-December 2004.

The two-building power center, which is 87.6% occupied, is anchored by Shaw's Supermarkets on one end and Bob's Stores on the other. Other tenants at the complex include: Michael's, Petco and Party City. Office Max is a "dark tenant," in other words the chain is paying rent but not occupying any leased space at the complex. Green Tea China Bistro occupies a free-standing pad at the property.

Yale Paprin, a partner in TLG Newington and president of Yale Realty Services, said the acquisition served as "a strategic asset for a New York investment group." Yale Realty Services has been retained as the management firm for the property. Charter Realty of Greenwich has been hired as the leasing agent. The only availability at the property is the Office Max space, which totals approximately 23,000 sf.

Yale owns 18 shopping centers from Massachusetts to Florida. The firm owns one other property in Connecticut, a small single tenant retail site in Ridgefield. The company specializes in the ownership of shopping centers anchored by Wal-Mart or supermarkets.

Instant Insights /

Yale Realty Takes Newington Center for $25M

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