The center sits off exit 70 of I-95. The partners said the site offers an opportunity for capital improvements and new leasing efforts.
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A development partnership has acquired Old Lyme Marketplace, a 102,500-square-foot strip mall in Old Lyme, for $11.55 million.
Zelco Properties, in partnership with Grossman Development Group and The McDevitt Co., say they intend to revitalize the plaza and fill currently empty storefronts. Zelco says the property currently has a 12% vacancy rate.
The mall at 90 Halls Road is anchored by Big Y World Class Market, with other stores including Walgreens, Grand Wine & Spirits and The Bowerbird Gift Shop.
“Old Lyme Marketplace has tremendous potential,” said Dan Zelson, principal of Zelco Properties and Charter Realty. “By investing in its physical appearance and elevating the tenant mix, we aim to create a fresh, welcoming, and high-performing center that better serves Old Lyme and the entire shoreline.”
The property was sold by Old Lyme Stores Limited Partnership, whose agent, Matthew Prosser, lists a Guilford business address, according to state records.
The center sits just off exit 70 of I-95. The partners said the site offers an opportunity for strategic capital improvements, aesthetic upgrades and targeted leasing efforts.
Charter Realty, the leasing arm of Zelco, will lead leasing efforts at Old Lyme Marketplace, while Grossman Development Group will oversee property management.
Separately, the town has been gridlocked in recent months over plans to redevelop Halls Road, the three-quarter-mile stretch of Route 1 that runs past the mall.
An improvements committee appointed by the town had called for a plan to allow apartments and condominiums to be built above and adjacent to ground-floor businesses on the street. But the proposal was rejected by the zoning commission earlier this year.
The town has attracted a state grant to install sidewalks on the north side of the road in an effort to make the area more pedestrian friendly.
