Author Archive: clangan

The borough of Naugatuck has purchased for $1.1 million the former Bank of America building at 275 Church St.

Naugatuck Mayor N. Warren “Pete” Hess said the use of the newly acquired property will be determined by the Board of Mayor and Burgesses at its next meeting on Oct. 4. The property will likely be used for a a variety of community events, he said.

Hess said that purchasing the property, which includes parking in downtown Naugatuck, allows the borough to “determine the destiny” of the site rather than leave it up to the open market.

Meanwhile, the borough is reviewing responses to an RFP for the sale of the Naugatuck Events Center and plans to finalize an agreement with a buyer soon.

The former Bank of America branch was built in 1975 and consists of [...]

NAUGATUCK, CT — A former Bank of America branch in the downtown area of Naugatuck has sold for $1.1 million.

The property, located at 275 Church Street, was sold to the borough of Naugatuck by New England Retail Properties, Inc., according to a news release provided by the brokerage company.

The former bank branch, constructed in 1975, consisted of a freestanding 5,060-square-foot facility on 1.13 acres in downtown Naugatuck.

New England Retail Properties, Inc. president Matt Halprin and associate Ryan Mendez were the exclusive brokers for the sellers, Spelke Family LLC of Stamford. Mayor Pete Hess handled the negotiations for the borough.

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Southport, CT-based Trio Fund 1 CT Portfolio, an investment trust specializing in net lease retail investments, has purchased a package of six Smithland Supply retail locations throughout CT for $10.5 million.

Matt Halprin, president and COO of New England Retail Properties, Inc., represented the sellers, Retail Property One, LLC, Retail Property Two LLC, Retail Property Three LLC, and Retail Property Four LLC. The original owners are based in Guilford, CT and operated the Agway Stores for more than 25 years before their interest in the company in 2016.

The free-standing net leased locations were previously operated as AGWAY Stores and operate as Smithland Supply in Bethel, Manchester, Middlefield, North Branford, North Haven and Southington.

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Wethersfield, Conn. — New England Retail Properties has arranged the sale of six retail properties in Connecticut net leased to Smithland Supply. Matt Halprin of Wethersfield, Connecticut-based New England Retail represented the sellers — Retail Property One LLC, Retail Property Two LLC, Retail Property Three LLC and Retail Property Four LLC — in the transactions. Previously operated as Agway stores, the freestanding Smithland Supply properties are located in Manchester, Southington, Bethel, North Haven, Middlefield and North Branford, Connecticut. The properties were acquired by Trio Fund I CT Portfolio.

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