Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

April 25, 2024

Newington Commons plaza sold for almost $17M

Costar Part of the Newington Commons plaza in Newington.
By Hanna Snyder Gambini

A retail plaza off the Berlin Turnpike in Newington has been sold to a northeast commercial property management group for nearly $17 million.

The Newington Commons property features more than 191,000 square feet of space on 15 acres at 196-206 Kitts Lane, anchored by Stop & Shop and national tenants including Planet Fitness, Petco, and Bob's Stores. The plaza also has a free-standing restaurant, Joey Garlic's.

It was bought for $16.7 million by 172 Kitts Lane and principals Zi Zhang and Ai Hiu Lu of Fall River, Mass. The new owners have several large commercial properties in New England, New York and New Jersey, according to Joseph French, senior managing director at Marcus and Millichap Real Estate Investment Services, which represented the seller in the deal.

The previous owners, TLG Newington LLC, paid $33 million for the plaza in 2004, according to town property records. 

French said the purchase was a value-add investment for the new owners. The prime commercial location along the busy Berlin Turnpike has the potential under new ownership to become a $30 million property with improvements, French said.

French and Kodi Traver, investment specialists in Marcus & Millichap’s Westchester office, along with Pierre Bonan from Mission Capital Advisors, a subsidiary of Marcus & Millichap, listed the property on behalf of the receiver, Gregg
Williams of Trident Pacific Real Estate Group LLC.

 
 

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF