The Derby Shopping Center — home to Lowe’s Home Improvement — has been sold for $13.7 million, according to a news release from a New Haven-based company.
The 170,097 square-foot shopping center was redeveloped in 2008. In addition to Lowe’s, it includes Dunkin Donuts, Burger King a Webster Bank and a Dollar Tree.
Marcus & Millichap Real Estate Investment Services in New Haven brokered the deal, which breaks down to $81 per square foot.
Adam Mancinone and Blake Barbarisi of Marcus & Millichap’s New Haven office, and Robert Horvath and Todd Tremblay in the firm’s Boston office, represented the seller and developer, a partnership of New York-based investors.
Mancinone, Barbarisi, Horvath and Tremblay also represented the buyer, a Connecticut-based private investor.
“The sales price and cap rate in this transaction can be attributed to property’s exceptional location, tenant strength and high percentage of long-term triple-net leases,” Mancinone said in a press release.
The property is located at a signalized intersection at 500 New Haven Ave.
The 152,890-square foot Lowe’s opened for business in December 2008 and has a 20-year lease with eight five-year options.
