Property tours are available by appointment ONLY. Please contact Barry Swatsenbarg to schedule at barry.swatsenbarg@colliers.com or 248-226-1660. Investment Highlights: ±57,527 SF shadow-anchored shopping center with strong national and regional credit tenants Flexible and contiguous vacancies that presents future ownership with dynamic methods of value add through hands on management and lease up Shadow anchored by Stop & Shop, the region’s most dominant grocer chain Part of larger retail corridor containing a Super Walmart drawing extensive vehicle traffic to area Current leases provide surety of in place income while permitting nimble operators to also add additional value Superb location along US-44 and I-395 with excellent access from two major metros (Providence, RI & Hartford, CT) Investment Overview: Ten-X Commercial and Colliers International are pleased to offer for sale the 100% fee simple interest in Putnam Parkade (the “Property”). Located at 50 & 62 Providence Pike in Putnam, Connecticut, the Property is a ±57,527 SF retail strip center and inline junior box, separated into two buildings. The nearby retail power center is shadow anchored by a Walmart Super Center, which is not part of the Property, but presents a large draw for vehicles and foot traffic to the greater area. Putnam Parkade, is located just to the east of Interstate-395, the region’s north-south thoroughfare. The Property is ideally situated with signalized access on Route 44 (Providence Pike), the region’s primary east-west state route connecting Hartford to Providence, Rhode Island. Primarily accessed via exit 47 on I-395 with primary road access consisting of two sets of curb cuts running along the north side of Providence Pike (US-44) that feeds into the power center. The Property is occupied by a strong mix of national and regional retailers with credit strength, including GNC, GameStop, Supercuts, Dollar Tree, and Anytime Fitness. Furthermore, these two building flank on either side a new Stop & Shop, which serves to contiguously shadow anchor both buildings and drives increased traffic by the Property’s inline tenant mix. Dollar Tree recently exercised their five (5) year option to renew removing the co-tenancy clause associated with K-Mart due to strong consumer demand. Currently 44% occupied, the Property can provide true value for an investor through the lease-up of current vacancies. Putnam Parkade has historically had high occupancy and is a well-established center within a greater regional market. However, recent corporate bankruptcy by RadioShack, the nationwide consolidation of Kmart, and the closing of the junior anchor store has been the driver behind the current vacancy.
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Retail Space
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