BRANFORD, CT-An unnamed New Haven, CT-based investor, doing business as JMM LLC, purchased DB Plaza, a 33,332-sf strip center here from Mercator Capital of New York City for $6.1 million. The DB Plaza complex was built about 25 years ago and was originally owned by Suffern, NY-based women's fashion retailer Dress Barn.
GVA Williams of Connecticut president and chief executive officer Cory Gubner and vice president Jon Sabrowski represented the buyer and the seller. "DB Plaza is a well located strip center with high credit tenants in a growing city," says Gubner.
The plaza at 845 West Main St., which sits on 3.24 acres, is 100% leased. It is home to such tenants as Dress Barn, Blockbuster Video, Domino's Nextel, Strawberries and Meineke Mufflers.
GVA Williams Sabrowski adds that the sale of DB Plaza "once again solidifies investor appetite for bricks and mortar, even for centers without a traditional anchor, such as a large regional grocer or department store. It's a simple equation of supply versus demand." He says the demand is "intense" especially for retail shopping centers with stabilized, credit tenancy.
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