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Katz Acquires Enfield's Stop & Shop Plaza for $15.5M

Centro Properties Group Sells Shopping Center for $1.1M Less Than 2005 Acquisition Price
March 30, 2009
New York City-based Katz Properties recently acquired Stop & Shop Plaza, an 122,718-square-foot neighborhood shopping center in Enfield, CT for $15.5 million from debt-inundated Centro Properties Group.

The center, built in 1988 and renovated in 2007, is situated upon 54 acres at 54 Hazard Avenue, just off I-91 in Enfield. The center was 85% occupied at the time of sale by anchor tenant Super Stop & Shop -- other tenants include Advanced Auto Parts, 99 Restaurants, Hallmark Cards, The UPS Store, H&R Block, and Domino’s Pizza. Katz anticipates leasing up the vacant space.

According to CoStar COMPS ID# 1100337, Galileo America Shopping Trust acquired this center for $16.9 million in December 2005 -- Centro later inherited the center through its acquisition of Galileo.

Timothy Breda, SVP and associate Derek Eakin, associate, of Goedecke & Company's Westport, CT office, arranged $10.56 million in financing from Liberty Bank on behalf of the buyer for this acquisition. Geoffrey Millerd of Cushman Wakefield represented both Katz and Centro in the transaction. Summit Realty Partners of Lexington, MA has been assigned as leasing and management agent.

For more information on this transaction, see Costar COMPS ID# 1677069.

This article appears in CoStar's Retail News Roundup: Mar. 29 - Apr. 4, 2009, a weekly column by CoStar senior news editor, Sasha Pardy, covering expansions, new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales, loans, shopping center development activity, personnel changes, sustainability, green building, and more in retail real estate.

This week in the Retail Roundup, CoStar reports on expansions or new concepts at Jimmy John's, Ulta Salon, and DSW; new retail development news in GA and IL; acquisition, merger, loan or sale activity at Equity One and Ramco Gershenson, Macerich, Phillips Edison, Centro, Muvico and Cinemark, and Sleepy's and 1800Mattress; closings, cutbacks, defaults, or bankruptcies at Gottschalks, Boaters World, Mark Shale, Zales, and Victory Park; personnel announcements at Nadel Architects, Fimiani Development, Sembler, and Studley; and sustainability or green building news at Kohls, CBRE, JLL, and Walgreens.
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