The Home Depot Plaza in Orange has sold for $16.25 million to a private equity group, brokers said Monday.
The 135,643-square-foot plaza, located on Orange’s main retail corridor on Route 1, is 82 percent leased with Home Depot as the anchor tenant, said CBRE’s National Retail Partners. Other tenants include Five Guys and Work ‘N Gear.
CBRE represented the owner, RPAI Properties of Oak Brook Illinois, and procured the buyer, which it did not name.
Jeffrey Dunne, CBRE’s vice president of capital markets and institutional properties, said the purchase gives the buyer a stable cash flow and an opportunity to bring in additional tenants to the remaining 25,000 square feet that are available.
“Home Depot Plaza provided a unique opportunity to purchase a value-add center on the heavily trafficked Route 1 corridor,” Dunne said. “We expect the buyer will fare well with the acquisition.”
CBRE National Retail Partners specializes in the sale, debt-structured finance placement assistance and recapitalization of retail properties.
The firm is also marketing Milford Crossing, a shopping plaza anchored by Walmart on Route 1 in Milford, and Clinton Commons, a ShopRite-anchored center on Route 1 in Clinton.
Natalie Missakian can be reached at news@newhavenbiz.com
