Connecticut Commercial Realty and Gallivan & Company sign Five Guys to 3,500 s/f lease
According to the New London office of Connecticut Commercial Realty & Select Homes, KSM Enterprises, LLC, d/b/a Five Guys Burgers and Fries has signed a ten year lease with renewals for property located at 85 Salem Tpke. The 3,500 s/f building was formerly a Tim Horton's and is adjacent to the 99 Restaurant in the heart of Norwich's West Main St. corridor.
The lessor, Cooper Beach Properties, LLC of New London was represented by broker Richard Gallivan of Restaurant Sites of Hamden, Mass. Additionally, Cooper Beach Properties, LLC was represented in the lease transaction by Norwich attorney John Fitzgerald of the Norwich firm Maruzo, Chinigo & Leone, LLC. KSM Enterprises and Five Guys was represented by broker William Newman of Connecticut Commercial Realty's New London office. Attorney John Alissi of the Hartford firm of Updyke, Kelly & Spellacey represented KSM Enterprises and its principal Kevin Glazier.
The Norwich Five Guys, which should open for business later this month, is the fourth such outlet that has been established in New London County by Glazier. The other locations are at Mystic Green on Coogan Blvd. in Mystic, Flanders Rd. in the Niantic section of East Lyme, and on Rte. 184 in Groton.
Beverly, MA Jay Goldberg, president and owner of Spire Investments has completed the purchase of four multifamily buildings. The 33-unit purchase amounted to a sale price of $9.2 million or $278,788 per unit. The properties are all located in downtown and consist of one- and two-bedroom units.
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.
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.