Paramount Partners leases 29,151 s/f for WestRidge Realty Advisors
Andrew Bonica and Michael Alberico of Paramount Partners, LLC exclusively represented the landlord, WestRidge Realty Advisors, in the leasing of 29,151 s/f to Aldi Food Market and Dollar Tree. Cape Roads Crossing will be Aldi's first Massachusetts location and recently celebrated the store opening. Dollar Tree leased 10,000 s/f and relocated from a smaller store.
Aldi was represented by Tim McNamara and Kevin Daly of Sullivan & Hayes and Dollar Tree was represented by John Wise formerly of Strategic Retail Advisors.
With the addition of Aldi and Dollar Tree, Cape Roads Crossing has been transformed into the primary daily needs center in the trade area. Cape Roads Crossing is also home to Staples, Bed Bath & Beyond, and Bob's Stores to name a few. There is currently 24,000 s/f remaining.
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.
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.