Guy Morris, senior vice president, acquisitions & marketing for DLC Management, says the company was able to respond to the sales offering rather quickly and bested several other interested parties for the property. Putnam Place is anchored by a 60,000-sf Stop & Shop supermarket. Other tenants at the complex include AJ Wright and Aaron's Rentals.
Matthew Halprin of New England Retail Properties of Wethersfield, CT represented the seller. DLC also owns three other retail properties in the Nutmeg State: Orange Promenade, which totals about 250,000 sf of space in Orange; Torrington Commons, a 130,000-sf shopping center that is also anchored by a Stop & Shop supermarket; and Prospect Plaza in West Hartford, a 140,000-sf center anchored by Shaw's Supermarkets.
Morris notes that DLC Management currently has approximately 1.25 million sf of retail space in its acquisition pipeline that involves a total of three transactions that are all currently under contract. The aforementioned deals are for properties that are all outside of the New York metro region, he notes. With the acquisition of Putnam Place, DLC Management currently owns approximately 10 million sf of retail space in 21 states.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.