VERNON, CT-Jones Lang LaSalle's Boston office reports it has brokered the sale of the Tri-City Plaza shopping center here for $48.3 million. Tri-City Improvements LLC, an affiliate of DLC Management Corp. of Tarrytown, NY, acquired the property from Javit Asset Partners.
The 300,000-sf strip shopping center is occupied by a 100,000-sf Price Chopper supermarket, one of the largest in New England. Jones Lang LaSalle SVP and national director of retail investment sales James Koury represented the seller Javit Asset Partners exclusively and introduced the buyer.
Deb Javit of Javit Asset was in charge of leasing the center, which was 93% leased at the time of sale. Other national tenants at the 24-acre property include: Staples, TJ Maxx, Home Goods, Papa Gino's, Lenscrafters, GNC, Dollar Tree and Denny's.
The Tri-City Plaza benefits from a number of advantages, not the least of which is "visibility from a heavily traveled Interstate 84, and strong area demographics including a one-year average household income in excess of $75,000," says Koury. "The center also benefits from the draw created by almost three million sf of retail tenants in the adjacent Buckland Hills Mall area without subjecting its customers to all the traffic."
Tri-City Plaza is DLC's second acquisition in two weeks and eighth purchase in 2006. The firm has invested more than $181 million in 2006 acquiring more than 2.5 million sf of retail space. According to a company spokesman, DLC has another 11 possible deals in the pipeline that are scheduled to close by Oct. 31, representing about $174 million in investment for 1.65 million sf of retail space located primarily in the eastern half of the US.
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