The 62,442-square-foot Milford Square shopping plaza has been sold for $28 million to RJ Milford LLC.

The plaza on Route 1 is 100 percent leased to tenants including REI, Panera, Verizon, Sleep Number, Pet valu, Salons by JC and Tomato & Co. with no lease rollovers until 2026.

The property benefits from Route 1’s daily traffic counts of 22,100 and its location within a 3.4-million-square-foot retail cluster located within 5 miles, according to brokerage CBRE. The 3-mile trade area contains 50,000 residents with average household income topping $114,000.

Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the seller, CG Milford LLC, an affiliate of the Cappelli Organization of White Plains, New York.

“Milford Square provided a rare opportunity to purchase a fully leased, newly developed center in the highly trafficked Route 1 retail corridor,” Dunne said in a statement.

CBRE’s Metro New York National Retail Partners team is currently marketing various investment opportunities in the tri-state area including Milford Crossing, a Walmart-anchored center adjacent to the Connecticut Post Mall on Route 1 in Milford and Clinton Commons, a ShopRite-anchored center on Route 1 in Clinton.

The buyer was represented by Mark Kandkhorov of Asset Commercial Realty Group.