Kempner Properties Acquires $30.8 Million Shopping Center Portfolio in Connecticut and Rhode Island
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Connecticut and Rhode Island — Kempner Properties has acquired a portfolio of six shopping centers in Connecticut and Rhode Island for $30.8 million. The portfolio totals 126,299 square feet and includes 248 West Main Street in Avon, Connecticut; 1326 Boston Post Road in Milford, Connecticut; 580 Main Avenue Norwalk, Connecticut; 994 North Colony Road in Wallingford, Connecticut; 61 Boston Post Road in Orange, Connecticut; and 1085 Bald Hill Road in Warwick, Rhode Island. Each property is anchored by Town Fair Tire. Kempner plans to renovate several of the centers — which were 92 percent leased at the time of sale — with parking lot upgrades and exterior improvements.
Jeffrey Winokur of JH Winokur Inc. represented the seller, the estate of Neil Mellen, in the transaction. This sale follows the Mellen estate’s previous disposition of a separate portfolio consisting of 31 net-leased, freestanding Town Fair Tire locations.
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