Montville, Connecticut - Net Lease Properties has information on a Commercial Property transaction, one of the largest in Montville Connecticut. A joint venture by New York based Cedar Shopping Centers Inc. and RioCan, Canada’s largest real estate investment trust purchased Montville Commons. $19.6 million was the selling price for the net lease investment property.
This Investment Property is a 118,000 square-foot Retail Shopping Center. The described net leased property is anchored by a Stop & Shop. The anchor Stop & Shop (Royal Ahold) leases 63,000 sq. ft. with a lease extending to March 2027. The Commercial Property has other tenants including Sleepy's and Chili's. This net lease property is shadow-anchored by a Home Depot store. Home Depot are excellent Tenants for Triple Net Lease Properties.
This grocery-anchored shopping center is fairly new as it was completed in 2006. This Value Add Commercial Property has an additional 8,200 square feet of density, which could be built out on the basis of tenant demand. The Investment Property is located in Uncasville, Connecticut, which is fairly close to Norwich Connecticut.
Cedar Shopping Centers Inc. will control 20 percent of the Commons, with RioCan having the majority stake of this Net Lease Investment Property. Cedar Shopping Centers Inc. will be entitled to acquisition, property management, leasing, construction management, reporting and financing fees for the net lease investment property.
With Net Lease Properties being bought and sold, at least it shows people have confidence in the Connecticut area. It is great news for Montville, Connecticut.
RioCan, Canada’s largest "REIT" real estate investment trust has a stock market value of $8.6 billion. It has a portfolio includes 269 retail properties with more than 60 million square feet. Cedar controls 13.5 million square feet at 120 retail shopping centers, mostly in New England and mid-Atlantic states. Their net lease investments in the Connecticut area include the Groton Shopping Center, Brickyard Plaza in Berlin, Oakdale Commons in Bristol, the New London Mall and a net leased property with a "CVS Tenant" at Naugatuck.
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