An affiliate of a Singapore-based real estate investment group has acquired a Connecticut shopping plaza for $21.4 million.
United Hampshire US REIT is the new owner of Wallingford Fair Shopping Center in Wallingford, Connecticut. According to the company, the acquisition price is 8.2% lower than an independent valuation of $23.3 million.
The property was built in 1998 and encompasses 115,223 square feet. It is fully occupied with three tenants – a ShopRite supermarket, Petco and Wallingford Fair Self-Storage.
The deal marks the company’s first transaction in Connecticut and expands its portfolio to 23 properties across nine East Coast states.
Following the acquisition, the REIT is expected to see a 2% uplift to its distribution per unit to $0.0411 on a pro forma FY2024 basis,” said CEO Gerard Yuen.
Photo courtesy Feldco Development
