An Orange commercial plaza has been sold to a Branford-based investment group for $7 million.
185 Boston Post Road Associates LLC, whose principal is Joseph Iamunno, bought The Hitchcock Plaza at 185 Boston Post Road from 185 Orange Partners, an affiliate of Brooks Properties and Ledair Holdings, in a deal recorded Sept. 18.
The 56,000-square-foot plaza sits on 6.25 acres and features several storefronts and restaurants, including China Pavilion, which has been a tenant for nearly 40 years.
Broker Arnold Peck of Milford-based Arnold Peck’s Commercial World, represented the seller and the buyer.
The plaza will be fully occupied when tenant Kids’ Strong Gym fills the remaining vacant spots, Peck said. The new owners have a five-year improvement plan for the property, and expect to invest about $5 million for upgrades, Peck said.
The plaza features several other restaurants, along with an optometrist office and dance studio. The property has a total appraised value of $5.6 million.
