Milford Square, a retail plaza in Milford that houses REI, Panera Bread and several other tenants, has sold to a private investment group for $28 million, brokers said Tuesday.
CBRE’s National Retail Partners said RJ Milford LLC bought the 62,442-square-foot retail center on Route 1, which is 100 percent leased. In addition to REI and Panera, tenants in the plaza include Verizon, Sleep Number, Pet Valu, Salons by JC and Tomato & Co.
“Milford Square provided a rare opportunity to purchase a fully leased, newly developed center in the highly trafficked Route 1 retail corridor,” said Jeffrey Dunne, vice president of capital markets and institutional properties for CBRE. “The center’s stable rent roll with long-term leases was a perfect fit (for the buyer).”
CBRE represented the seller, while Asset Commercial Realty Group represented the buyer, CG Milford LLC, an affiliate of the Cappelli Organization, a New York real estate development company.
CBRE also represented the buyer in the recent sale of the Home Depot Plaza in Orange for $16.25 million.
The company, which specializes in the sale, debt-structured finance placement assistance and recapitalization of retail properties, is also representing owners seeking to sell the Milford Crossing shopping plaza in Milford and Clinton Commons in Clinton.
Natalie Missakian can be reached at news@newhavenbiz.com
