Retail Property in Guilford Sells for $5.65M

The freestanding retail building at 2945 Boston Post Road in Guilford, CT has been sold to Morande Automotive Group for $5,650,000 as part of a 1031 exchange. The former owners, Strawberry Fields LLC, parted ways with the property on August 17th, 2016 after a year of constructing the new building. Historically, this site existed as 4.16 acres of attached farmland, which still dominates much of the surrounding land usage.

The investment sale is being financed by Farmington Bank, and comes at a price $150,000 less than the seller’s original $5,800,000 asking price. The property sold at a 7.0% capitalization rate and was held under escrow for approximately 60 days before the transaction was completed. The building is currently being leased to Tractor Supply Company, an American retail chain of stores that offers products for home improvement, agriculture, lawn and garden maintenance, and more. The nationwide chain of over 1,400 stores has proven successful in Connecticut, with store locations ranging from Old Saybrook to Barkhamsted.