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Newington Retail Center Sold for $16.7M

May 1, 2024 | Reprints | Unlock Link | Print

A nearly 190,000-square-foot retail center in Newington has sold for $16.7 million.

“The challenge in selling Newington Commons was finding a buyer comfortable with solving the complex short-term leases and having the vision to see the upside potential the property offers,” Joseph French Jr., an investment specialist with Marcus & Millichap, said in a statement.

The property is located at 172-206 Kitts Lane. Anchored by Stop & Shop, the property is 65 percent leased with tenants including Petco and Planet Fitness.

French and investment specialist Kodi Traver, based in Marcus & Millichap’s Westchester office, in collaboration with Pierre Bonan from Mission Capital Advisors, a subsidiary of Marcus & Millichap, had the exclusive listing to market the property on behalf of the receiver, Gregg Williams of Trident Pacific Real Estate Group LLC, and procured the buyer, a private investor.