September 4, 2024 – Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay have successfully completed the sale of the Salem Plaza in Salem, Connecticut. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,632,864.
The Salem Plaza is located at 1 New London Road in Salem, Connecticut. Salem Plaza was constructed in 1988 and is improved by a 20,833 square foot center on a large 20.60-acre corner parcel of land. The Property is 89.90% leased and offers upside through the lease-up of the two vacant suites, and by bringing some of the below market rents to market rates upon lease renewal or lease rollover. The Property is anchored by Dunkin’ with the remainder of the space leased to local retailers and service tenants that serve the needs of the area residents. Salem Plaza is ideally positioned at the intersection of New London Road (CT Route 85) and E Haddam/Norwich Road (CT Route 82), the area’s primary commuter and commercial corridors, providing direct access to major roads and larger cities to the north, south, east and west. Salem Plaza enjoys outstanding visibility and frontage with two (2) points of access and prominent signage. The Property is one of a handful of commercial buildings in the immediate area and serves as the primary shopping destination for residents and commuters. Dunkin’, Subway, Salem Four Corner Package Store, and Statewide Pawn & Armory, are some of the area’s most popular tenants and drive traffic to the plaza. Salem is a rural town in New London County in southeastern Connecticut and is approximately 10 miles from Norwich, 12 miles from New London, 33 miles from Hartford, 45 miles from New Haven, and 60 miles from Providence, Rhode Island.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.