Canterbury Commons

  • Title

    Retail Property

  • City

    Canterbury, CT

  • Price

    $1,235,000

  • Cap Rate

    8.0%

  • Gross Leasable Area

    4.02 AC

  • No. Units

    3

  • Price/SF

    $123.50

  • Year Built

    1998

Not found amenities.

Northeast Private Client Group is pleased to present Canterbury Commons, a +/- 10,000 SF multi-tenant retail plaza in Canterbury, CT The plaza is currently 100% occupied and is rented s follows:

  1. Walgreens occupies 6,000SF. The lease consists of four, five year options periods (20 years total). They are currently in their third, 5 year term. There is no similar commercial store in Canterbury. Walgreens pats back 60% of CAM and real estate taxes based on their total occupied square feet. Previously Rite Aid (which was bought out by Walgreens) occupied this space since 2006.
  2. D&G Pizza, restaurant and bar, occupies 2,500 SF (plus additional storage on the back of the property, 400 SF) The lease term is 5 years which expires in November 2022. D&G Pizza has been a tenant at the property since October of 2011, Rent escalation of 3% annually.
  3. The Booze Barn is a liquor store. It occupiees 1,500 SF. They are currently in year four of five on their lease, which expires in December 2020. The original lease started in November 2011. Booze Barn reimburses the owner 15% of CAM and real estate taxes based on their total occupied square feet. Rent increases from $1,050 to $1,100 in December 2019.

All tenants pay their own utilities, which include a combination of electric and propane fired units.

Canterbury Commons