Institutional Property Advisors closes Derby Shopping Center sale for $15.35 million

Derby, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, has completed the sale of Derby Shopping Center, a 170,683 s/f shopping center. The asset sold for $15.35 million.

“Derby Shopping Center’s five freestanding retail buildings on four separate long-term absolute net leases give the buyer an easy-to manage, risk averse investment,” said Jim Koury, IPA senior managing director of investments. “Lowe’s, which occupies 90% of the total square footage, contributes to the center’s overall weighted average lease term of 13 years, giving an owner a sense of security. Investor demand for this center was strong,” he said. Koury of IPA and Henry McKenney of Marcus & Millichap, in association with John Krueger, Marcus & Millichap’s broker of record in Connecticut, represented the seller and procured the buyer.

Built in phases from 1985 through 2023, the center is near Connecticut Rte. 8 and the Merritt Pkwy., close to New Haven, Bridgeport, and Waterbury. Within a 10-mile radius the population is over 554,000 and the average annual household income is more than $108,000. The property is shadow anchored by the area’s dominant grocer, Big Y. In addition to Lowe’s, the Derby Shopping Center’s tenants are Splash Car Wash, Webster Bank, and Dunkin’ Donuts.