Centro Sells 99% Occupied Connecticut Shopping Center for $1.3M Less Than 2004 Acquisition Price
Most recent is the yet-to-be verified sale of the New London Mall. Reportedly, Centro Properties Group and J.P. Morgan sold the 260,000-square-foot shopping center, located in New London, CT, to Cedar Shopping Centers for $40.7 million, or $156.54 per square foot. Cedar assumed an existing $24.7 million loan on the property, which was 99% occupied at the time of sale. The transaction closed with a 7.7% cap rate, but the sale price is $1.3 million less than J.P. Morgan and New Plan (acquired by Centro in 2007) paid for it in March 2005. This transaction shows that Centro is willing to sell even its solidly-performing centers at a discount.
