Less than a year after Waterbury’s bustling Brass Mill Commons retail complex sold to a Long Island investor for $26 million, it’s on the market again, this time with a $30-million asking price.
Kohan Realty Group – owner of dozens of malls and shopping centers – bought the roughly 200,000-square-foot complex last April. It concurrently paid $18.9 million for the adjacent Brass Mill Center mall. While more than three times as large as the Brass Mill Commons, the mall had been failing for years, shedding anchor tenants and drawing fewer and fewer visitors.
The commons, by contrast, has thrived with anchor tenants including Dick’s Sporting Goods, Ulta Beauty and T.J. Maxx.
Attempts to reach Kohan Realty Group and its broker, Pennsylvania-based Forged Realty, were unsuccessful.
Waterbury officials who spoke with Kohan representatives, say they were told Kohan intends to use profits from the sale of the Brass Mill Commons to make repairs and upgrades to the mall, making it more attractive to retailers.
“I don’t think the final chapter has been written for that mall yet, though I like the fact they are thinking about revitalizing the property,” Waterbury Mayor Neil O’Leary said.
