CLINTON, has learned that an entity of Cornerstone Properties of Farmington, CT has sold Clinton Commons, an 81,693-sf shopping center here, to Northstar Properties of New York City for $12 million. CB Richard Ellis, which represented the seller Walnut Grove Associates Limited Partnership, estimated the deal was valued at $147 per sf. Northstar Properties used the transaction as part of a 1031 exchange, according to CBRE executives.

Jeffrey Dunne of CB Richard Ellis’ New York Tri-State Region Institutional Group represented the Cornerstone Properties’ entity and also procured the buyer.

A 50,283-sf Shaw’s Supermarket anchors Clinton Commons. Other tenants at the 100% occupied complex on East Main Street include a 10,000-sf Jo Ann Fabrics location, a 7,360-sf West Marine store, Advanced Auto Parts, which occupies a 6,650-sf store and Blockbuster Video, which leases 4,500 sf.

Dunne says Northstar Properties bested 15 bidders for the shopping center.

“Clinton Commons provides a stable cash flow with 96% of the space leased to well known national tenants, as well as upside potential through the development of a vacant pad site and by raising the center’s rents,” Dunne says.

The vacant pad site could accommodate a building of approximately 3,000 sf to 4,000 sf, Dunne notes.

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