Wethersfield shopping center sells for $17.8M as part of larger portfolio deal

Wethersfield’s Jordan Lane Shopping Center has been sold as part of a multi-property portfolio deal. 

The property at 1380-1430 Berlin Turnpike sold for $17.8 million, according to the Wethersfield Town Clerk, in a deal recorded July 8.  

The seller is Cedar Jordan Lane LLC. Its principal, Bruce J. Shanzer, served as  president, CEO and a director of Cedar Realty Trust since June 2011.

Cedar Realty Trust, also on July 8, announced the sale of a portfolio of 33 grocery-anchored shopping centers to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers.

The Wethersfield plaza buyer is listed as G&I X Jordan Lane MZL LLC, an affiliate of DRA Advisors, state records show. 

Total gross proceeds of Cedar Realty’s multi-property sale are roughly $879 million, including assumed debt, the company said.

The deal includes shopping centers in nine states throughout the Mid-Atlantic and Northeast regions, including a New London shopping center with 260,000 square feet of space anchored by a 64,000-square-foot ShopRite, according to DRA and KPR.

The deals, Cedar Realty said, are the first step in the company’s previously announced sale of assets and subsequent merger in a series of related all-cash transactions. 

The 177,504-square-foot Wethersfield plaza at the corner of Jordan Lane and the Berlin Turnpike is anchored by a Stop & Shop and featured retail storefronts EbLens and Shoppers World.  

The Wethersfield property has a total appraised value of $22.6 million, according to town records.

DRA and KPR, formerly known as Katz Properties Retail, are New York-based real estate, investment and development firms.

Chris Angelone of JLL Capital Markets represented the seller.