Connecticut Retail Asset Commands $60M

JLL’s David Monahan, Chris Angelone, Nat Heald and Cameron Pittman assisted the seller in the disposition of the roughly 370,000-square-foot Milford Crossing Shopping Center.
Milford Crossing Shopping Center.
Milford Crossing Shopping Center. Image via Google Street View

Waterfall Asset Management and Bridge33 Capital have acquired the 371,537-square-foot Milford Crossing Shopping Center in Milford, Conn. JLL brokered the $59.6 million sale on behalf of the seller, LNR Partners, while the partnership represented themselves.

The JLL team consisted of Managing Directors David Monahan and Chris Angelone, Executive Vice President Nat Heald and Senior Vice President Cameron Pittman.

Located at 1349-1417 Boston Post Road, the property is adjacent to Connecticut Post Mall and close to the intersection between Interstate 95 and Route 1. The shopping center is anchored by a Walmart, with other tenants including Marshalls, Barnes & Noble, Staples and Petco. At the time of the deal, Milford Crossing Shopping Center was 98 percent leased.

“Milford Crossing is located at the 50-yard line of one of the most important retail corridors along the Connecticut shoreline,” said Jahan Moslehi, managing principal & co-founder of Bridge33 Capital, in a prepared statement.  

The sale comes on the heels of another acquisition for Waterfall Asset Management. The institutional asset manager, in partnership with Fenway Capital Advisors, recently purchased Four Points Business Park in San Diego for $28.2 million.

If you’d like to be featured in Brokers’ Corner, send your deal to deals@cpe-mhn.com.