The properties are four separate sites located in Milford, East Windsor, Orange and East Hartford. The Orange cinema on Marsh Hill Road will be repositioned as a new 350,000-square-foot regional service center for The United Illuminating. United Illuminating is, in turn, purchasing that site from Summit for an undisclosed amount. United Illuminating is an electric distribution and transmission utility based in New Haven, CT.
Felix Charney, president of Summit, says in a statement, "These are prominent, high quality commercial locations. With the exception of the site in Orange, all are zoned for retail use and are ideally situated for major new retail development." Charney points out in a release, "While the real estate market is certainly challenging, the fact remains that the best locations always retain value and create opportunity."
The Orange property is zoned for United Illuminating's development, as opposed to retail. Nick Morizio and John Cafasso of Colliers Dow & Condon and Less Cranmer of Studley brokered the Orange deal.
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