DEVCON & SELLS SHOPPING CENTER IN TORRINGTON, CONNECTICUT,

DEVCON Enterprises, Inc. of West Hartford, CT. announced the sale of one of their Connecticut shopping centers.  The shopping center, Torrington Fair located in Torrington, CT. was sold to Torrington Triplets, LLC for $17,400,000.  HK Group of Westport CT. was the sole broker in the transaction representing the buyer.  The decision to sell was primarily to take advantage of the historically low cap rates first class, grocery anchored shopping centers are selling for Torrington Fair opened in 1996 and was a ground-up, new construction project developed solely by Devcon Enterprises, Inc.

The center offers a strategic location at the intersection of Route 202 and Route 183 and was the first in a string of retail developments in the fast growing city of Torrington and Litchfield County.  The 203,203 s/f center also benefits not only from a successful tenant roster, but a minimal number of only 5 tenants, which creates a management friendly asset.  The tenant mix includes its two anchors, Price Chopper and Wal-Mart.  Price Chopper, a leading New England Grocer with roughly 110 stores located throughout New York, Connecticut, Massachusetts, New Hampshire, Vermont and Pennsylvania, occupies a state of the art 63,525 s/f store featuring groceries, a Starbucks coffee and juice bar, deli counter, photo center, in-house pharmacy, food court sections and The First National Bank of Litchfield. Wal-mart occupies 98,511 s/f and recently finished a complete makeover of their store and garden center.  The other three tenants in the center include Sears Hardware, PetCo and McDonalds located on a freestanding pad.  Devcon utilized their internal property management arm to operate the center since it opened. 

Devcon's dedicated team of professionals who assisted in this sale include the legal firm of Levy & Droney, P.C. from Farmington, CT. and the accounting firm of Kostin & Ruffkess, & Co. from Farmington, CT.,

Devcon continues to aggressively pursue the acquisition and development of grocery anchored and credit tenant retail shopping centers throughout Central and Eastern Time zones with concentrations in the Northeast and Florida.  

For more development, acquisition or leasing information on any of Devcon’s properties, please contact J.R. Cody III from Devcon Enterprises, Inc. at (860) 521-6999 or via E-Mail at jrcody@devconenterprises.com.