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November 22, 2004
Belfonti Associates, LLC Lands Yet Another Value-Added Opportunity
HAMDEN, CT - Michael Belfonti , President and CEO of Belfonti Associates, LLC, announced today the recent acquisition of approximately 10 acres of land at 1035, 1045, 1055 and 1065 Kennedy Road in Windsor, Connecticut, for just over one million dollars, by Kennedy Windsor Retail Associates, LLC, a Belfonti-related partnership, from Kmart Corporation. The transaction was funded by Farmington Savings Bank, with a closing date of October 29, 2004.
The 10 acres of land lies adjacent to a Super Stop & Shop and was part of a planned unit development. It was formerly owned by Kmart Corporation. A vacant Kmart store, which was not part of the sale, sits next to the 10 acre site purchased by the Belfonti entity.
The site is comprised of four contiguous parcels of land containing a total land area of approximately 424,453 square feet. It is currently improved with two parking lots containing 576 spaces and 676 spaces respectively.
The site has approximately 600 feet of frontage on Kennedy Road , with the vacant K-Mart building located in the rear. It is the perfect location for a free-standing restaurant pad or another commercial pad site. Up to 80,000 square feet of development is allowable.
Belfonti's group expects to possibly redevelop the property itself or to lease part of the acreage to another developer. A sale is also not out of the question. "We felt that this opportunity is a natural for expansion of retail in the area, and we are confident that a strategic user or preferred big-box developer will shortly come along and express interest in the site," said Belfonti.
When asked why he would speculate on commercial land when a tenant was not in place, Belfonti replied, "Kennedy Road has prime retail development potential. In addition, the vacant K-Mart store will eventually be re-leased or reconfigured for another use. Although we don't own that store, when its current owners do re-lease it, our property will also benefit."
Just days following the Belfonti Group's acquisition, Sears, Roebuck and Co. announced its merger with K-Mart and its plans to convert hundreds of former K-Marts to the Sears Grand format.
Belfonti Companies, LLC Real Estate Development and Investment, with a central office located in Hamden, Connecticut, actively and aggressively pursues opportunities throughout the United States and internationally.