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Orange, CT Commercial Real Estate News
185 Boston Post Road, Orange, CT - Hitchcock Plaza, formerly known as Loehmann’s Plaza, an iconic shopping center on Boston Post Road in Orange, CT, has recently changed ownership in a confidential transaction orchestrated by Arnold Peck, a prominent figure in the commercial real estate market through his brokerage, Arnold Peck’s Commercial World.
The property underwent extensive marketing efforts over the past few years, including lease marketing, all within the backdrop of the challenging commercial landscape shaped by the COVID-19 pandemic and just sold and closed for $7,000,000.
The plaza welcomed new tenants as part of its revitalization strategy. Notable among them is Charm’s Security Hardware, which relocated from West Haven, CT, occupying a substantial 4,200 square feet of space, acting as an anchor store. Additionally, Danz Magic, a well-known dance school from Milford, has taken up residence in a 2,400 square-foot space within the plaza. Joining the mix is KidStrong, a dynamic company dedicated to empowering parents in raising confident children, who are set to occupy a spacious 4,400 square feet.
The buyers, hailing from Boston, MA, have ambitious plans to reposition the property over the next three years, envisioning a shopping experience aligned with the demands of the 21st century. Negotiations for this transaction were intricate, involving a diverse ownership structure with 75% of owners based in Canada and the remaining 25% in the United States. However, Arnold's seasoned expertise, coupled with time, patience, and skillful guidance, ultimately led to a successful contract and closing for all parties involved.
