Kempner Properties and Lee & Associates NYC have recently acquired Hilltop Commons in Derby, CT for $33 million through a 1031 exchange with DLC and Hutensky Capital Partners. Located on New Haven Avenue, Hilltop Commons boasts a grocery-anchored center featuring popular retailers such as Big Y, CVS, Dollar Tree, American Freight, Verizon, AT&T , McDonald’s , Wendy’s , and Sherwin Williams.
The borrower was represented by CBRE while the buyer was procured by Jeffrey Dunne , David Gavin , and Travis Langer of CBRE. According to Dunne: “With its attractive rent roll anchored by a high-volume grocery store and long-term leases in place,Hilltop Commons offers highly stable income which makes it an ideal choice for buyers looking to complete a 1031 exchange.”
