Investment Overview

The subject property is a 5.60 acre development parcel located at 399 Norwich Westerly Road (CT State Route 2) in North Stonington, CT. Road frontage of over 380 feet and average daily traffic volumes of over 20,000 vehicles on this corridor. Commercial Zoning (C) allows for Retail, Mixed Use, Multi Family and Office. The site is generally flat and has approximately 20,000 cubic yards of gravel available. There is access to municipal water but there is no municipal sewer system available. The property is adjacent to the Holly Green Plaza which shares a paved ingress/egress with the property. Tenants at Holly Green Plaza include the United States Postal Service, Chelsea Groton Bank, the Town of North Stonington, East Coast Jewelers, the Tea Garden Restaurant, a Family Medicine Practice and a Salon. The property is also connected with access and easements to the Bellissimo Grande Hotel, a Wyndam Hotels Trademark Collection property. Other nearby tenants include the Pollywogs child development center adjacent to the Bellissimo Grande and the Hilltop Inn & Suites adjacent to the Holly Green Plaza. The property is located within 4 miles of the highly acclaimed Foxwoods Resort Casino which is one of the largest casino’s in the country and draws approximately 35,000 visitors per day, more than 12,000,000 per year and the Mashantucket Pequot Tribal Nation employs over 10,000 people. In addition, Great Wolf Lodge Indoor Water Park & Entertainment Center will be opening at Foxwoods in 2025 and is anticipated to draw 500,000 annual visitors while employing 500 people. Mystic Connecticut’s downtown is approximately 15 minutes away and named in the top 3 tourist destinations nationally. Mystic’s downtown includes many shops, restaurants, galleries and hosts many seasonal events. Amtrak maintains a train station in Mystic as well. There are more than a dozen marina’s in the area along with Mystic Aquarium, the Olde Mistick Village shops and Interstate 95 North/South. Neighboring Groton, Connecticut is home to the US Naval Submarine Base, with roots dating back to 1868, it is one of the oldest military bases the US Navy operates; General Dynamics Electric Boat and Pfizer, one of the world's largest pharmaceutical companies; as well as Avery Point, the regional campus of the University of Connecticut. The US Navy has awarded Electric Boat several multi billion dollar contracts for nuclear-submarine work and Hartford HealthCare recently completed construction of a $24 million health center as part of phase three of the planned Perkins Farm development just 2.5 miles from the property.