Bonica and Hotarek of Eastern Retail Properties broker $5.4 million sale
Andrew Bonica and Michael Hotarek of Eastern Retail Properties, Inc. have sold the 64,612 s/f former Shaw's Supermarket at 1493 Hartford Ave, for $5.4 million.
The seller, Shaw's Supermarkets, Inc., a subsidiary of SuperValu, was exclusively represented by Eastern.
Eastern also retained the buyer, Ocean State Job Lot, who plans on opening a new location within the former supermarket later this year.
Norwich, CT Tim Hines of Horvath & Tremblay has facilitated the sale of 200 multi-family units totaling $16.24 million. Hines arranged the sale of an 83 unit multi-family portfolio in Cromwell, Middletown and Norwich, Conn. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $9 million.
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.