The Middletown Press (Middletown, CT)
Shopping center up for sale again after less than a year
The Great Neck, N.Y.-based owner of the Brass Mill Center Mall in Waterbury and an adjacent shopping center has put one of the properties up for sale, less than a year after it purchased them.
Kohan Retail Investment Group is looking to sell the Brass Mill Commons shopping center for $30 million, according to a listing placed with a Pennsylvania-based commercial real estate broker that is marketing the property. A limited liability company affiliated with Kohan paid $26 million for the property as part of larger $44.9 million purchase in April 2022 that included Brass Mill Center.
Both the mall and Brass Mill Commons were purchased from a limited liability company associated with Brookfield Properties, which operates the SoNo Collection mall in Norwalk. At the time the sale closed, Brass Mill Commons was widely regarded as being the more successful of the two properties.
The 19.24-acre retail center is being marketed by Forged Real Estate, which is based in Plymouth Meeting, Pa. Brass Mill Commons had over 2.1 million visitors in the last 12 months, according to information on the broker’s website.
Officials from Kohan Retail Investment Group and Forged Real Estate did not respond to requests for comment from Hearst Connecticut Media about Brass Mill Commons being put on the market. City officials were also not immediately available for comment about Brass Mill Commons being put up for sale.
The retail center, which was built in 1997, is just over 206,000 square feet and includes eight retailers and four restaurants. It is also home to Connecticut’s Education Resource Center, which moved into the former Timexpo Museum on the property earlier this month.
The Education Resource Center, which had formerly been based in Middletown, is a quasi-public agency that supports educational equity and excellence.