MILFORD, CT-A partnership of the Willett Cos. of Rye, NY and Parker Green of Dublin paid approximately $92.5 million for 75% interest for the Milford Crossing Shopping Center here. Developer and owner Milford Crossing LLC retains a 25% share in the new 377,123-sf power center and will serve as operating partner of the new ownership structure, GlobeSt.com has learned. The firm will also continue to lease and manage the center.
The deal, reports CB Richard Ellis' New York Tri-State Region Institutional Group, involved the placement of $75.5 million on the property by Morgan Stanley and approximately $17 million in cash. The power center, which was built on the former Ryder Mobile Home Park site, is anchored by Wal-Mart, Jo-Ann Stores, Marshalls, Circuit City, Barnes & Noble and Staples.
CB Richard Ells Jeffrey Dunne represented Milford Crossing LLC in the property recapitalization transaction. Dunne, vice chairman of CBRE, says, "while we remain very active in the sale of portfolios and single assets, we are increasingly completing transactions like Milford Crossing whereby we recapitalize the debt and equity in a tax efficient structure."
He adds that the deal is a win-win for both sides. For the original developer of the center, it allows the firm to take out some of the proceeds of its venture while still retaining some ownership and the management responsibilities for the property as well.
Milford Crossing is located near the 1.1-million-sf Westfield Connecticut Post Mall at the intersection of Route 1 and East Town Road at the gateway to a major retail corridor that runs for four miles from Milford to Orange, CBRE officials state.
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