News: Retail
Posted: September 30, 2022
Reese Commercial sells Triple A Diner in East Hartford for $842,500 to Rian Realty Trust
East Hartford, CT Reese Commercial completed the $842,500 sale of Triple A Diner located at 1209 Main St.
Dale Reese, CCIM, managing director of Reese Commercial represented Krisfir Inc., Peppas LLC and Kritman LLC, the sellers. The Triple A Diner was founded in 1956 and has been in its current building since 1967. The 5,500 s/f diner with 5,500 s/f basement was sold by the second generation of the two founding families who started the diner. Triple A Diner is an iconic restaurant establishment located on the northern end of Main St. Having operated for over 55 years, it has served several generations and it is currently only on its third restaurant operator.
Rian Realty Trust, the buyer, purchased this asset as a single tenant net leased property whereby all the expenses of running the real estate are the responsibility of the tenant. The lease has 8.5 years remaining on the lease term.
Tags:
Retail
MORE FROM Retail
Retail
McEvoy of Conrad Group facilitates $9.5m sale of Sterling Plaza
Randolph, MA Sterling Trust has sold its Sterling Plaza neighborhood retail site located at 45 Mazzeo Dr. to The Shops at Randolph, LLC. The property is home to several restaurants, including the West End Grill, The Well, Outback Steakhouse and It’s Game Time Sportsbar.
Columns and Thought Leadership
Keeping the “there” there - by Carol Todreas
New zoning is a big topic for many communities. Whether it is to comply with the 2021 MBTA legislation calling for more multi-family housing in locales with access to T stations or to address other pressures from public-private entities, zoning for multi-family housing is believed to be a major part of the solution to the housing crisis.
Placemaking and retail in 2024 - by Carol Todreas
Placemaking. That is the word for 2024. While the concept has historical precedence in urban development, it became part of our current culture in the 1960’s when urbanists started to think about cities for people, not just cars.
Reimagining retail for the downtown - by Carol Todreas
Before COVID-19, downtown retail had been sliding downwards. A few restaurants and stores were hanging on, but the trajectory was headed south. Now with post- COVID-19 lifestyle changes, old-style retail anywhere has lost its market appeal.
Village centers and local retail: What the market wants - by Carol Todreas
Good news! Brick and mortar is alive and well. Many malls are coming back. Americans are flocking to Europe to walk, shop, eat, and enjoy much needed vacations. Visitors return and talk about the pleasures of walking and shopping in local shops in cities and towns all over Europe.