Self-storage company DealPoint Merrill in Woodland Hills recently closed on the purchase of Centennial Plaza, a shopping plaza centrally located in Meriden, Conn., and plans to renovate the center.The 11-acre, 158,000-square-foot plaza on Main Street has been the subject of ongoing resident concern since the anchor Stop & Shop closed at the end of 2020, according to the Record Journal, a local publication. Following the acquisition, a $5.2 million construction renovation is expected to commence in July 2021, according to a DealPoint Merrill statement.
While other grocery story options were explored to fill the vacancy, a storage facility was approved in the empty space earlier this year after DealPoint Merrill submitted a zoning variance request. The zoning board conditionally approved DealPoint Merrill’s request to develop the storage space, provided there will be no storage of vehicles, boats or other outdoor storage on the property and no repair of vehicles.
The previous Stop & Shop location will become a 986-unit single-story, climate controlled self-storage center under the LifeStorage Inc.
brand. The conversion will take over the existing grocery store space and the vacant Railroad Salvage site, which had been empty for nearly 25 years, a member of the city’s Zoning Board of Appeals said during the approval meeting in January.DealPoint Merrill operates more than 20,000 units as the fourth largest self-storage provider in the country.
The current shopping center tenants include Wells Fargo, CVS, Beverage World and Advance Auto Parts, with space for future retail tenants. DealPoint Merrill has included the existing tenants in its renovation plans.DealPoint Merrill’s executives negotiated the transaction and Sterling McGregor, the company’s president, handled the due diligence for the sale. The acquisition and underwriting were completed by Jason Limbert and Tyler Bendicksen of DealPoint Merrill. The property was represented by Joe French and Kodi Traver of Marcus & Millichap Inc., headquartered in Calabasas.
From Store to Self-Storage Facility
