Tower Plaza, located at 120 New Canaan Avenue in Norwalk, has been sold to the Manhattan investment group Developers Consolidated Realty, Inc for $8.5 million by GHP Office Realty.
The sale of the 25,000-square-foot fully leased shopping center, anchored by Rite Aid, was facilitated by up by Jamie Schwartz, Executive Vice President of GHP, and Bryan Houlihan, Associate at GHP.
“We purchased Tower Plaza in October of 2013 and subsequently invested over $500,000 in capital improvements,” Schwartz said. “We are able to increase rents and bring occupancy to 100%. This transaction reaffirms our value-add strategy of purchasing well-located, under-valued assets, investing capital and utilizing our leasing expertise to maximize investor returns.”
