Galaxy Development signs new leases at Keystone Shoppes
In addition to Advance Auto Parts, Galaxy Development consummated leases with Bank of America, Quiznos and Classy Nails & Spa, all of whom have since opened for business at Keystone Shoppes, located on Linwood Ave. (Rte 16). With an ADT of approximately 18,000 vehicles per day, Keystone Shoppes offers tenants an opportunity to lease space in a brand new center and adjoins a very successful Stop & Shop Supermarket. Being located near the only major chain grocery store in the Colchester market enables tenants at Keystone Shoppes to reap the benefits of the heavy pedestrian traffic.
Located immediately adjacent to the Rte. 2 corridor, Colchester is one of the fastest growing residential markets in Conn. With an average household income of approximately $90K within a 5-mile radius, Colchester's population has continued to rise steadily over the past several years, making it an outstanding community in which to operate a business.
The center can accommodate most tenants, with smaller spaces starting at 1,050 s/f and larger spaces for those tenants requiring additional square footage.
Wallingford, CT O,R&L Commercial has completed the $3.8 million sale of a mixed-use investment property located at 33-39 North Main St. and 24-25 Wallace Ave. in the town center.
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.