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Bryn Mawr, PA 19010
T 610-552-6000
F 610-552-6001
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News

WP Realty sells New Brite Plaza

Bryn Mawr, PA – July 1, 2011 – WP Realty is pleased to announce the sale of New Brite Plaza located in New Britain, Connecticut.

New Brite Plaza is a prominent 156,956 square foot, grocery anchored shopping center strategically located in the heart of New Britain, Connecticut. The center is situated on 13 acres of land on East Main Street at the intersection of Route 174 and Route 71, and features 2 points of signalized entry. New Britain is just a two hour drive from New York and Boston, and is truly the geographic center of the state. The recently completed Route 9 expansion and its intersection with Route 72 in the center of Downtown provides direct access to Interstates 91 and 84, putting New Britain on the beltway between the state’s major north/south and east/west interstates.

The center was originally constructed in 1966 and underwent an extensive redevelopment in 2008, with improvements including a new fa├žade, pylon sign and partial roof replacement. WP Realty was successful in stabilizing the center by leasing space to Ocean State Job Lot in 37,000 square feet, Marshalls in 23,000 square feet and Save-A-Lot in 16,500 square foot. The center also features a number of high quality national and regional tenants that include Dunkin Donuts, H&R Block, Rent-A-Center, Advance Auto, Payless Shoes, and Rainbow Shops.

WP Realty purchased the property in June 2007, with an occupancy rate of only 58%, including a recently vacated 51,318 square foot space. Since then, WP Realty has utilized its strong relationships and expertise in leasing, development and management to reposition New Brite Plaza into a center that boasts 100% occupancy with some of the region’s top retail tenants.

WP Realty is a real estate investment, development, management and leasing company headquartered in Bryn Mawr, Pennsylvania, The principals of WP Realty have extensive expertise in leasing and entrepreneurial management and turning underperforming centers around.

Please contact WP Realty at 940 Haverford Road, Bryn Mawr, PA 19010 (610) 552-6000, fax (610) 552-6001 or for additional information visit our website at www.wprealty.com.