Petco, a specialty retailer of pet products and services, has signed a ten-year lease for a 12,142 s/f retail store in Litchfield Crossings, one of Litchfield County's largest shopping centers. The space is in an existing building situated between Kohl's and Home Goods. Atlantic Properties represented the tenant and Goldschmidt & Associates represented the landlord.
"We are ecstatic to announce that we have signed a lease with Petco. They will be a wonderful addition to the Litchfield Crossings family as well as to the New Milford community," said Kristen Gizzi Flynn, executive director of the Crossings.
Petco employs more than 25,000 partners and operates 1,300 locations across the U.S., Mexico and Puerto Rico including 100 Unleashed by Petco locations and nine Pooch Hotels specializing in pet care, boarding, grooming and training as well as pets for sale and adoption. "Think Adoption First" is the company's philosophy, encouraging the adoption of pets needing homes rather than the purchase of companion animals.
Litchfield Crossings and its management and development company ECCO Development LLC, an affiliate of ECCO lll Enterprises, are both owned by the Westchester-based Gizzi Family. ECCO Development, LLC owns and manages a portfolio of 750,000 s/f of building/commercial space and owns, manages and leases approximately 250,000 s/f of land throughout Westchester County.
Melrose, MA Dennis Kelleher and John Pentore of Horvath & Tremblay have facilitated the sale of 47 units spread across two multi-family properties in totaling $13.7 million. Kelleher and Pentore facilitated the sale of 333 Main St. and 447 Pleasant St.
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.
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.