HFF Brokers Sale of 382 KSF Shopping Center in CT

An entity managed by DDR Corp. has sold the 382,864-square-foot, Walmart-anchored Naugatuck Valley Shopping Center in Waterbury, Conn. The property includes 2,155 parking spaces.
Naugatuck Valley Shopping Center in Waterbury, Conn.

A joint venture of Premium Property LLC and BH Premium Quality Waterbury LLC has purchased the 382,864-square-foot Naugatuck Valley Shopping Center in Waterbury, Conn. The former owner, an entity managed by DDR Corp., purchased the Connecticut retail asset in 2014, according to public records.

The property is situated at 950 Wolcott St., on a 50.5-acre parcel on the eastern outskirts of the city. Located near interstates 84 and 95, the site offers easy access to Hartford, Conn., Boston and New York. The average household income within a ten-mile radius is roughly $87,400.

The 77.1 percent leased retail center offers 2,155 parking spaces and includes the largest Walmart in the area. Additional tenants include Stop & Shop, Panera Bread, Bob’s Stores and Wendy’s.

HFF’s investment advisory team, led by Senior Managing Director Jim Koury, represented the seller.

“As with many retail centers today, Naugatuck is going through a transitionary phase, which presents an exciting opportunity for the next owners to reposition the center by re-merchandising the tenancy to reflect the new wave of concepts in retailing,” said Koury, in prepared remarks.

Image via Google Maps