A 30,720-square-foot retail plaza along busy Route 10 in Southington recently sold for $4.9 million.
Executive Two Hundred LLC bought the plaza at 405 Queen St. from 405 Queen LLC, in a deal recorded May 2.
“I like Queen Street,” said Joseph Moruzzi, principal of the buying LLC. “The tenant mix is wonderful. It’s a very active area. There is an element of energy through these tenants.”
The shopping center was built in 1987 and sits on a 2.7-acre property along a heavily developed stretch of Route 10.
Moruzzi, of Hamden, said the transaction was a direct sale arranged by broker Philip Gagnon of Colliers. Moruzzi said Gagnon knew he was in the market for an investment and solicited the owner of the property.
The seller’s principal is another LLC, Team Avon, whose principal is Barry Rubinfeld of Avon.
The fully tenanted plaza hosts a Sherman-Williams paint store, Nardelli’s Grinder Shoppe, All Pets Club, karate school, bagel shop, phone store, Japanese restaurant and other businesses that keep it busy throughout the day, Moruzzi said.
“One helps the other,” Moruzzi said. “The chemistry is good.”
Moruzzi said he intends to hold onto the investment long term. He described himself as a hands-on landlord that will maintain the plaza while not making any big changes as it is already performing.
“The property runs very well,” Moruzzi said. “I wouldn’t harm a hair on its head.”
