For Sale
$10,000,000

12 Coogan BlvdStonington, CT 06355

Prime Mystic, CT retail investment

Overview

Added:
Dec 11, 2024
Days on market:
115
This 38,625 square foot shopping center in Mystic, Connecticut, presents a compelling value-add opportunity. Located at 12 Coogan Blvd, 06355, this multi-tenant property boasts a 68% occupancy rate and features nationally recognized tenants such as Starbucks and Morgan Stanley, alongside a collection of local businesses. Built in 1989 with additions in 2002, the center underwent a complete façade renovation and roof replacement in 2023. The 4.22-acre lot provides ample parking for 190 vehicles. Significant leasing momentum is evident, with recent lease signings contributing to substantial cash flow growth potential. The remaining 13,454 square feet of vacant space across five suites offers a clear path to increased profitability. Further upside exists through converting existing gross leases to market NNN leases. The property benefits from its strategic location directly off I-95, drawing from both the robust local community and the significant tourist traffic attracted to Mystic's renowned attractions, including Olde Mistick Village, Mystic Seaport, and the Mystic Aquarium. This prime location, coupled with the recent renovations and strong tenant mix, makes Mystic Green a rare opportunity to acquire a value-add retail asset in a highly sought-after New England destination. The asking price is $10,000,000, with a price per square foot of $258.90.

Highlights

  • 38,625 SF strip center in a prime location.
  • Strong tenant mix with 37% of income from credit tenants such as Starbucks, Morgan Stanley, and Verizon.
  • High leasing velocity.
  • Significant value-add opportunity via leasing 12,198 SF of vacant space.
  • Starbucks pad site enhances property traffic.
  • Excellent location in Mystic, CT, a popular tourist destination, with direct I-95 access.

Property Details for 12 Coogan Blvd

Property type
Lifestyle centers, Power centers
Square Feet
38,625 SF
Year Renovated
2023
Lot Size (sq. ft)
183,823 SF

Location Insight

City
Stonington
County
New London
State
Connecticut
Latitude
41.3721059
Longitude
-71.9551154
12 Coogan Blvd, Stonington, Connecticut

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12 Coogan Blvd
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