Orange retail center sold for $16.25 million

The Home Depot Plaza located at 440 Boston Post Road in Orange is under new ownership.

The Home Depot Plaza located at 440 Boston Post Road in Orange is under new ownership.

ORANGE — The Home Depot Plaza has been sold for $16.25 million, according to officials with the commercial real estate firm that brokered the deal.

The property was sold to a private equity group that CBRE’s National Retail Partners, the company which brokered the deal, declined to identify. National Retail Partners also represented the property’s owner, RPAI, a real estate investment trust-based in Oak Brook, Illinois.

The plaza is located at the intersection of Route 1 and Orange Center Road. In addition to Home Depot, tenants in the 135,643-square-foot plaza include a Five Guys hamburger restaurant and Work ‘N Gear, a uniform and work apparel retailer.

Jeffrey Dunne, CBRE’s vice chairman for capital markets and institutional properties, said having Home Depot as the anchor tenant provides the new owner with stable income. The plaza has what Dunne called “additional upside opportunity” with 25,000 square feet of space available for additional tenants.

Carl Russell, a member of the Orange Economic Development Commission and a senior broker with H. Pearce Real Estate, said the opportunities to purchase shopping centers don’t come along frequently, in part because “a lot of these properties are doing quite well.”

“I would give the overall retail climate in Orange a B-plus to an A-minus,” he said.

National Retail Partners currently is marketing several New Haven-area retail centers. Among the retail centers for sale are Milford Crossing, located adjacent to the Connecticut Post Mall in Milford, and Clinton Commons, located on Route 1 and anchored by a ShopRite supermarket.