The group plans to develop the Manchester Commons shopping center, a 160,000-sf, eight-building community shopping center to be anchored by a 70,000-sf Shaw's Supermarket.
The acquisition is the result of a two-year long assemblage involving more than a dozen acquisitions of both developed and undeveloped property in this area. According to Barry Feldman of Feldco, this site is one of the last developable sites on South Willow Street.
Despite the recent downturn in the area's real estate market, the supermarket-anchored retail sector has emerged relatively unscathed. Local industry experts attribute the sector's success to long-term leases and the confidence investors have in customer loyalty to the supermarkets.
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