Insurance Company Sells Connecticut Retail Property for $8.15M

BRISTOL, CT-Allstate Life Insurance Company has sold Bristol Farms Plaza, a 150,000-sf retail strip development to Blue Devil Realty Inc. for $8.15 million. Blue Devil is a Long Island, NY-based investment company that specializes in retail properties.

Located at 1235 Farmington Avenue in Bristol, the strip center used to be a grocery-anchored property, says the seller’s broker, Joseph French Jr. of Sperry Van Ness, an Irvine-based commercial real estate service firm. “The leasing company recently re-leased the space to Big Lots, bringing the center to nearly 90%occupancy,” says French. “This allowed our brokerage company to sell a center that provided some upside to a new buyer at an attractive yield.”