The small Greenwich development firm that earlier this summer snapped up the 40,000-square-foot Center Shops Plaza in East Granby — the town’s largest retail property — said that “upgrades” to the property could come in the near future.
Until buying the Center Shops, Old Track Road Realty had concentrated on buying and managing properties in Greenwich and Bedford, N.Y., where it owns and manages about a dozen properties. But founder Trey Kelsey said the market for owning and leasing in Central Connecticut appealed to him.
“We think there’s good growth potential up there,” he said. “We went looking for properties to invest in invest in that have good cash flow — something that’s hard to find in southern Connecticut.”
Price Upswing
If the price he paid for it is any indication, Kelsey seems spot on with predictions of growth.
The shop’s prior owners, David Richman and Thomas Simses, bought the property four years ago for $1.6 million: They sold it to Kelsey for $3.2 million.
“We had it on the market a while ago but had taken it off last year and done some renovations,” Richman said. “They had looked at it a year ago but didn’t approach us until it was off the market.”
The Center Shops occupies about five acres of land in the center of East Granby, at the intersection of Routes 187 and 20. It’s anchored by The First National Bank of Suffield, and a number of smaller retailers and restaurants. It’s about 90 percent occupied.
The sale, said Kelsey, “is not the type of deal where you flip it tomorrow.”
“We expect to be there for a long time, and plan to upgrade the property, upgrade the tenants and add square footage,” he said.
