EAST LYME: Jay Morris of O,R&L Commercial, LLC brokered the sale of a 60,000 square foot Class “A” Regional Shopping Center anchored by CVS, Tri-Town Foods Supermarket, McDonald’s and Citizens Bank for $15.5 million.
Flanders Plaza, located at 9-19 Chesterfield Road in East Lyme is a multi-building mixed use Retail /Office /Medical Plaza on 7.27 acres. The location of this center is on Route 1 just off the intersection of I-95 and I-395. At the time of sale the Center was 100% leased with many national / credit tenants.
Morris was the sole broker in the transaction. The seller was GFP Flanders Plaza, LLC and the buyer was Developers Consolidated Realty. The financing was provided by Brett Eagleson of Guilford Savings Bank.
Developers Consolidated Realty ("DCR") is a real estate investment firm specializing in the acquisition, development, repositioning and management of retail driven properties. DCR owns shopping center, single tenant triple net leased and hotel properties in NY, CT, NJ, MO and FL and is in the process of expanding its portfolio throughout the Continental United States.