Milford Marketplace in Milford, CT to Sell for $34M

Screen Shot 2015-09-28 at 1.29.55 PMInland Real Estate Income Trust, Inc reported Monday that it plans to close on its $34 million acquisition of the Milford Marketplace in Milford, CT on Friday, October 2, 2015.

The 112,257 square foot retail center, constructed in 2007, is 100 percent occupied and leased to 21 tenants.

Inland says the retail center is adjacent to a Costco store and has a large pool of potential customers from the campus of Yale University.

Whole Foods, the national supermarket chain, leases 30,162 square feet, or about 27 percent of the total gross leasable area of the property, and pays annual base rent of approximately $695,200. The Whole Foods lease expires on November 30, 2024, subject to eight renewal options of five years each with escalating rents.

Real estate taxes assessed on Milford Marketplace for the fiscal year ended December 31, 2014 were approximately $642,000. The amount of real estate taxes assessed was equal to the property’s assessed value multiplied by an average tax rate of 2.72 percent.

Inland says there are three and five competitive shopping centers located within three and five miles of the property, respectively. The population within a five mile radius of the property is over 128,600 and the average household income within the same radius is more than $91,000.