ORANGE, CT-Elm Street Partners LLC has acquired the 38,000-sf Peck N Post Shopping Center for approximately $5 million. Elm Street purchased the complex located at 521-547 Boston Post Rd. from the Paul Rosen family, which had owned it for nearly 50 years.
Harry J. Traub, a principal of the New Canaan-based Elm Street Partners, says the complex is currently 97% leased and a lease is out for signature on the remaining 1,250 sf. A renovation program, valued at approximately $500,000, is planned for the property that will include new signage, landscape and lighting improvements.
Tenants at the center are AAA, which leases 4,000 sf, and Pepperidge Farm and Shoreline Dental, which each lease approximately 2,000 sf. Financing for the transaction was arranged directly by Elm Street Partners principals Anthony Giordano and Traub. The loan was placed through CIBC World Markets Inc. of New York City.
The purchase represented the first acquisition by Elm Street Partners in 2005 and its fourth in the past year. A year ago, the company acquired Daddy's Plaza, an adjacent 20,000-sf retail property located at 517-519 Boston Post Rd. from the Rosen family. After a rehab, the plaza is now 100% occupied with tenants such as GameStop, Ace Beauty, Daddy's Junky Music and Gloria's Kidsbeds, company officials say. In July, Elm Street acquired a 100,000-sf warehouse building in Ramapo, NY and in December purchased a 126,000-sf industrial building in Shelton for $8.4 million that is net-leased to the overhaul and repair operations of Sikorsky Aircraft.
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