X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CLINTON, CT-GlobeSt.com 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.