Google Maps photo
The Family Dollar at 1168-1186 Whalley Ave.
A Windsor-based development company sold the Family Dollar site on Upper Whalley Avenue to a group of California investors for $1.8 million, in one of the city’s latest property transactions.
According to the city’s land record database, on June 19 Whalley Avenue NE Development LLC, a Windsor-based company owned by George Lee, Daniel Plotkin, and Michael Sarasin, sold the Family Dollar site at 1168 – 1186 Whalley Ave. to HIRA 1168 Whalley LLC, a California-based investment company owned by Thaminder Anand, Avnit Anand, and Ramandeep Singh Anand, for $1,815,700.
The Windsor developers bought the Westville parcel, which used to house a CVS, for $1,117,000 in 2018 before winning City Plan Commission approval to build and lease a new building to Family Dollar. The city last appraised the commercial property as worth $2.3 million.
“We received an offer we could not refuse,” Plotkin told the Independent Wednesday about why his company sold the local parcel.
Markeshia Ricks photo
Daniel Plotkin at a 2018 City Plan Commission meeting.
“We develop our properties and sometimes we hold onto them for a period of years, and sometimes we don’t. it all depends on the market for net lease real estate transactions. That market fluctuates with interest rates. Sometimes buyers of those sorts of properties get active and make offers that are compelling.”
The Anands did not respond to multiple requests for comment by the publication time of this article. Plotkin said that the new owners will likely leave the building as a Family Dollar, since the national low-budget retailer has signed a 10-year lease for the site in 2018. He said he does not know exactly what the new owners’ plans are for the site, but he guessed that they would either use it as an investment opportunity or flip it to a new owner.
“The new owner is an investor,” he said. “Most landlords are investors. They own these properties for cash flow. We don’t have any idea what they plan on doing there.”’
Click here to read another story about out-of-state investors purchasing a local outlet of a national chain, in this case to take advantage of a federal capital gains tax loophole.
In other recent property transactions, Hyng Chun and Christine Won purchased the Prospect Hill single-family home at 301 Ogden St. for $1,040,000 on on June 3. The property last sold for $1,012,500 in 2009. The city last appraised the property as worth $917,000.
Also in Prospect Hill, Robert Jensen and Uyen Nguyen purchased the single-family home at 224 Saint Ronan St. from Alfred Douglas Stone for $925,000 on June 17. The property last sold for $656,000 in 1998. The city last appraised the house as worth $1,148,000.
In City Point, Menachem Gurevitch of the local real estate giant Mandy Management, through his holding company Netz-TE LLC, purchased the six-unit apartment house at 138 Hallock Ave. for $565,000 from NHR-2013 LLC, a holding company owned by NHR Properties’ Juan Salas-Romer, on May 15. The property last sold for $375,000 in 2013. The city last appraised the building as worth $387,500.
In the Hill, Alexandra Daum, through her holding company Portsea Properties LLC, purchased the two-family house at 131 Portsea St. and the three-family house at 133 Portsea St. from Matthew Browning for a combined sum of $315,000 on June 13. Browning purchased 131 Portsea for $20,000 in 2005 and 133 Portsea for $32,000 in 2004. The city last appraised the two adjacent residential properties as worth a combined sum of $257,600.
Previous property sale coverage:
• Pike Sells 2 Buildings To Yale For $3.8M
• Mansion Sells For Only $1.45M
• Landlord Tops 340 Units
• High Street Apts Sell For $25M+
• St. Michael’s School Sold, For Apartments
• Ocean Management Acquires Perrotti Westville Properties
• Paris Realty Picks Up 6 Q Meadows Condos
• Landlord Boosts West River Condo Holdings
• $21 Million Changes Hands In 2 Days
• 50 Factory Jobs Coming To Fair Haven
• Brendan Towers Sold For $6M+
• Investors Drop $917K On West Side Condos
• Mandy’s 2018 Buying Spree Nears $13M
• Mandy Empire Buys Up The Block
• Roots Planted In Newhallville
• Latest Sales: Mandy Buying Spree Continues
• Latest Sales: Mandy Expands In City Point
• Latest Sales: East Rock Home Buy Tops $1M
• Latest Deals: Beulah’s 5th Rehab On Block
• Latest Sales: NHR Sheds Small To Focus Big
• Latest Sales: Mandy Buys In Heights
• Home Sale Price Doubles In 13 Years
based on the comparison of sales prices to appraisals, it sounds like the city has overvalued (and thus overtaxed) Prospect Hill