Press Releases
Marcus & Millichap Closes Grocery-Anchored Shopping Center Sale in Northwestern Connecticut for $14 Million
January 29, 2025
WINSTED, Conn., Jan. 29, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Shops at Ledgebrook, a 105,499-square-foot grocery-anchored shopping center in Winsted, Connecticut. The property sold for $14.06 million.
“In order to achieve the highest price on the income in place, we demonstrated the property’s upside potential to investors,” said Joseph French Jr., senior managing director investments with the French Retail Team of Marcus & Millichap. “The challenge was to establish the value of approximately 33,000 square feet of vacancy.” French and Kodi Traver, senior associate, represented the seller, a private investor based in Purchase, New York and procured the buyer, a Closter, New Jersey-based investor.
The property is on U.S. Route 44, one-half mile from Route 8 on- and off-ramps, a short drive from Northwestern Connecticut Community College. Within five miles of the center, the population is over 79,000 and the average annual household income is greater than $108,000. Neighboring retailers include Dollar Tree, Tractor Supply Co., and Ollie’s Bargain Outlet.
Built in 1989 on 14 acres, The Shops at Ledgebrook is anchored by a 52,704-square-foot Stop & Shop with gas pumps. The tenant roster features Webster Bank, Ledgebrook Spirit Shop, Community Residences Inc., Sophia’s Pizza Restaurant, and China Delight. John Krueger is Marcus & Millichap’s broker of record in Connecticut.
“In order to achieve the highest price on the income in place, we demonstrated the property’s upside potential to investors,” said Joseph French Jr., senior managing director investments with the French Retail Team of Marcus & Millichap. “The challenge was to establish the value of approximately 33,000 square feet of vacancy.” French and Kodi Traver, senior associate, represented the seller, a private investor based in Purchase, New York and procured the buyer, a Closter, New Jersey-based investor.
The property is on U.S. Route 44, one-half mile from Route 8 on- and off-ramps, a short drive from Northwestern Connecticut Community College. Within five miles of the center, the population is over 79,000 and the average annual household income is greater than $108,000. Neighboring retailers include Dollar Tree, Tractor Supply Co., and Ollie’s Bargain Outlet.
Built in 1989 on 14 acres, The Shops at Ledgebrook is anchored by a 52,704-square-foot Stop & Shop with gas pumps. The tenant roster features Webster Bank, Ledgebrook Spirit Shop, Community Residences Inc., Sophia’s Pizza Restaurant, and China Delight. John Krueger is Marcus & Millichap’s broker of record in Connecticut.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
