Wednesday
Aug172011

New Brite Plaza purchased for $15.2 M

Wednesday, August 17, 2011 11:12 AM EDT

By Scott Whipple
New Britain Herald Staff Writer

NEW BRITAIN — Paramount Realty of Lakewood, N.J., has acquired the 155,956-square-foot New Brite Plaza shopping center from WP Realty for $15.2 million. WP had purchased the plaza in 2007 for $9.6 million.

Located in New Britain’s Retail Corridor, the plaza is 100 percent leased to a diversified tenant roster including Marshalls, Save-A-Lot and Ocean State Job Lot. In addition to the three anchor tenants, the center is home to national and regional tenants such as H&R Block, Dunkin Donuts, Rent-A-Center, Advance Auto, Town Fair Tire, Rainbow and Payless Shoes.

New Brite Plaza is located on East Main Street at the corner of Route 9 and Route 72, streets on which more than 56,000 and 52,000 cars pass daily, respectively.

Along with high traffic counts, the plaza also draws significant foot traffic from neighboring apartment buildings.

Some consider New Brite Plaza to be the dominant shopping destination in the area.

Demographics according to Paramount: Population within a three-mile radius of the plaza is 89,181 and 609,579 at 10 miles. Average household income in a three-mile radius is $60,267and $75,516 at 10 miles.

“New Brite has held its own over the years and actually increased in value,” said Bill Carroll, director of business development for the city of New Britain. “There was resurfacing done in the parking lot, and the plaza has three strong anchors.”

Paramount Realty currently owns and manages two other retail shopping centers in Connecticut — the 300,000-square-foot Charter Oak Marketplace in Hartford and the 252,000-square-foot Enfield Commons in Enfield.  Paramount owns 4 million square feet of shopping space in the New England region and officials say they hope to continue expanding their New England portfolio. The company specializes in the purchase and management of retail centers, according to the Paramount website.

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