Photo courtesy of Marcus & Millichap

A grocery-anchored retail plaza in Central Connecticut has traded hands despite being tied to a complex financing instrument.

Boston-based commercial brokerage Marcus & Millichap announced it represented the seller and procured the buyer of 1030 Elm St. in Rocky Hill, which recently traded hands fro $14.3 million.

The 60,947-square-foot asset is chiefly occupied by a Big Y grocery store, plus a Wells Fargo bank branch.

But the plaza was being financed by an existing securitized commercial mortgage, Marcus & Millichap said, which had to be assumed by the buyer. The complex process took “months” and required a series of approvals from multiple stakeholders.

“The Big Y Plaza has changed hands in a transaction that exemplifies perseverance and collaboration,” Marcus & Millichap broker Joseph C. French Jr. said in a statement. “Despite the extended timeline, both the buyer and seller remained committed to completing the transaction. The successful closing underscores the parties’ ability to navigate the complexities of structured financing.”

French and Jeffrey Stearney, in association with John Krueger, the firm’s broker of record in Connecticut, handled the transaction.