Chicago-based REIT Picks Up Conn. Shopping Center for $17.5M

Chicago-based REIT Picks Up Conn. Shopping Center for $17.5M

NEW YORK—Inland Real Estate, an affiliate of the Chicago-based REIT, has paid $17.5 million for the acquisition of the Newington Fair Shopping Center in Newington, Conn. Manhattan-based Cohen Real Estate brokered the deal with Helen Putterman, president, and Ric Kaiser, senior managing director representing both the buyer and the seller, a Houston-based developer, which developed the property in 2008.

Located on Berlin Turnpike, the center is currently 100 percent occupied. The property totals 187,000 sq. ft. and is approximately six miles from Hartford. The center is anchored by a 135,000-sq.-ft. Sam’s Wholesale Club and a 52,000-sq.-ft. L.A. Fitness Center.

Approximately 70,000 residents live within three miles of Newington Fair, and an estimated 38,000 vehicles pass by the center daily on Berlin Turnpike.

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