A neighborhood retail center in Plainville has sold for $5.25 million.
A neighborhood retail center in Plainville has sold for $5.25 million, according to brokerage firms involved in the deal.
Olde Canal Plaza, at 17 Farmington Ave., totals 34,194 square feet on more than 3 acres and includes small-bay retail, office and medical office space. Built in 1987, the two-building strip plaza is 93% leased and home to 20 tenants, including local restaurants, personal service businesses, professional offices and medical uses.
The buyer is a New York-based private investor, according to Marcus & Millichap. Property records had not yet been updated to reflect the buyer.
The seller was 17 Farmington Avenue LLC & 17 Farmington, controlled by Gregory Tembeck of Purchase, New York, and Shawn Singer of Eastchester, New York.
Marcus & Millichap’s Mark Krantz and Derrick Dougherty arranged the sale, in association with John Krueger, the firm’s Connecticut broker of record. Amodio & Co. Real Estate represented the seller, with Frank Amodio Sr. and Eric Amodio handling that side of the deal.
The plaza sits along a corridor with traffic counts exceeding 11,000 vehicles per day, according to the brokerage. Nearby retailers include Kohl’s, Lowe’s and Big Y.
