DANBURY, CT-An entity controlled by Blumenfeld Development Group of Syosset, NY has acquired Eagle Road Shopping Center here for $59.3 million or approximately $245 per sf. Eagle Road Center LLC sold the 319,789-sf newly developed shopping center located on Eagle Road along I-84.
Jeffrey Dunne and Ryan Bassett of the CB Richard Ellis' New York Tri-State Investment Team advised the seller and procured the buyer. The transaction completed a 1031 exchange requirement, CB Richard Ellis officials say.
"We began to market the asset in the summer of 2005 before construction had commenced," Dunne says. "Blumenfeld should fair well with this center given its location and long-term tenant leases, which shall provide a stable cash flow for the long-term."
The center is located in what was known as the Still River Corporate Center. Lowe's Home Center will occupy 164,288 sf and Best Buy has a 45,745-sf location. Prestone Products Corp. has 31,696 sf of office space and there is a 74,060-sf Loews Cineplex, which was not part of the sale.
An additional 4,000-sf retail pad is planned for the site, but a lease has not as yet been executed for the space, CBRE officials note. Best Buy opened for business in late 2005 and Lowe's Home Center is scheduled for completion in the next month. Prestone and Loew's Cineplex occupied spaces prior to the redevelopment of the site, they add.
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