Commercial real estate firm NAI James E. Hanson said Thursday it negotiated the sale of a 13.6-acre property in New Milford that is targeted for a supermarket and more.
Suez Water North America sold the property surrounded by Main Street, River Road and Madison Avenue to New Milford Redevelopment Associates, a subsidiary of S. Hekemian & Co. Inc.
NAI Hanson said the new owners will build an Inserra-owned ShopRite with a bank branch, and a portion of the land will be used to construct sports fields for New Milford High School. After completion of the ShopRite, Inserra’s current New Milford store will be redeveloped into affordable housing.
The firm’s Andrew Somple and Greg James represented the seller in the transaction.
“This deal marks the next chapter for this once-undevelopable tract of land,” Somple said in a prepared statement. “The complexity of the deal meant that the experience of the NAI Hanson team was invaluable in closing the deal in a mutually beneficial manner for both our client and the buyer.
“We were honored to be selected to work on this deal to facilitate the purchase by a user that could not only realize a profit from a development project on the land but also make a significant contribution to the local community.”
