Guilford Center Sold for $16.9M

Transaction Details:

The shopping center commonly known as Guilford Center sold on March 21, 2019 for $16,900,000. The 33,011 square foot retail center is located at 1057 Boston Post Road in Guilford, Connecticut. The property, situated on a 3.2 acre lot, was originally constructed in 1955 and then renovated from 2011 to 2012. Northstar Properties, a New York-based retail and residential developer/operator, purchased the property from Finast Acquisition, LLC. The center was 94.9% leased at the time of sale and is anchored by CVS Pharmacy.

Local Market & Demographics:

Guilford is an affluent community along the southern coast of Connecticut with a median household income from 2012 to 2016 of $102,199. This figure is well above the recorded median household income of New Haven County at $62,715 and the state at $71,755. The retail market is also currently outperforming New Haven County, with Guilford’s retail vacancy rate currently at 3.8% compared to 4.9% throughout the county. The NNN asking rental rate in Guilford is currently averaging $18.60 per square foot, compared to $14.12 per square throughout New Haven County.