Hartford developer Mouta sells Cromwell retail plaza to Dunkin’-linked buyer for $2.45M
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Prolific Hartford-based developer Carlos Mouta has sold a three-unit retail building in Cromwell to a limited liability company connected to one of the tenants, a Dunkin’ shop, for $2.45 million.
In a deed recorded Nov. 14, a limited liability company controlled by Mouta sold the 6,447-square-foot, 2004-vintage retail building at 1 Kirby Road to 1 Kirby Road Realty LLC. The buyer is connected to Dunkin’ Donuts chain operator C&J Zafiris Inc.
The plaza sits just off a busy stretch of Route 372 in Cromwell that is heavily developed with retail uses.
Mouta said Friday that the operator of the Dunkin’ at the 1 Kirby Road Plaza had long expressed interest in buying the property. Because the site was the furthest-flung investment from his Hartford portfolio, he decided to sell it and use the proceeds to pay down debts.
“It was the only property not around here,” Mouta said. “It was a good deal for both of us.”
The property also hosts a beauty salon and is slated to add a new Tex-Mex restaurant, Mouta said.
The principal of the buying LLC, One Kirby Road Realty LLC, is Raymond Reale. Attempts to reach Reale were not immediately successful.
According to a mortgage deed recorded by the town on Dec. 8, One Kirby Road Realty LLC used the retail plaza as collateral for a $1 million loan from New England Certified Development Corp., a U.S. Small Business Administration-affiliated lender.
The loan recipients are One Kirby Road Realty LLC and One Kirby Road Donuts LLC, doing business as Dunkin’ Donuts.
One Kirby Road Donuts LLC’s principal is C&J Zafiris Inc., of Cromwell. That entity’s principals include Reale, along with Theodora Zafiris, Christina L. Zafiris, and James T. Zafiris, all of Wallingford.
