Marcus & Millichap Real Estate Investment Services brokered the sale of Coventry Crossing, a 20,752 s/f shopping center. The sale price of $9.7 million represents $467 per s/f and a cap rate of 7.86%.
Bob Horvath and Todd Tremblay of the Boston office, and Al Taf of the Atlanta office, represented the seller, Hecht Development. Hecht Dev. is a buyer of existing retail, industrial and office assets. The buyer, a regional investor, was represented by Tremblay and Horvath.
Coventry Crossing was completed in 2008 and consists of four tenants in three separate buildings. The tenants are: CVS, Dunkin' Donuts, Radio Shack and Webster Bank. All the tenants have new triple-net leases.
Located at the intersection of Arnold Rd. and the New London Tpke., with a traffic count of 26,000 vehicles per day, the property is across from The Centre of New England.