A Manhattan-based real estate investment group deeply invested in Connecticut recently paid $1.5 million for a 1.6-acre North Haven site where it plans to construct a building for a 7-Eleven.
Krown Point Capital bought the vacant property at 413 Washington Ave., along the busy and heavily developed Route 5 corridor, in a deed recorded Oct. 28.
The seller was a Brooklyn, New York-based limited liability company headed by Elchonon Shilian.
Since its founding in 2020, Krown Point and its partners have acquired a 130-unit apartment complex in Granby and launched three additional luxury rental developments in northern Connecticut. Krown Point has also invested in a grocery-anchored retail plaza in Ellington.
Krown Point Founding Principal Reggie Kronstadt said his company has teamed with 7-Eleven to design and build a “prototype” store with modern amenities in North Haven. It is part of a new initiative for Krown Point to construct purpose-built buildings for lease to national brands, Kronstadt said.
Krown Point is under contract for “a few” additional sites for similar projects, he added.
“We are making a big push to scale our retail development strategy with national retailers looking to scale out their operation across the Northeast and greater New England,” Kronstadt said.
Site work has already begun at the North Haven site. Plans call for a 4,824-square-foot convenience store and six fueling stations, with two pumps apiece. The development will also include infrastructure allowing for future installation of electric vehicle charging stations.
According to Krown Point’s website, 7-Eleven is signed on to a 15-year, triple-net lease, meaning the tenant covers property taxes, insurance and maintenance costs.
“This will be a really nice addition to what is a very strong retail corridor,” Kronstadt said.
Kronstadt said North Haven officials — especially First Selectman Michael J. Freda — have been helpful tailoring the project to suit the area.
Dan Zelson, of Charter Realty Co., and Robert Horvath and Matthew Nadler, of Horvath & Tremblay, brokered the land purchase.
Zelson noted the 7-Eleven site is well-placed in the shadow of a large Amazon distribution facility, providing a ready stream of potential customers. His company is marketing 5.9 acres ready for development around Krown Point’s site.
“We are excited to activate the rest of that property,” Zelson said. “With the 7-Eleven out front, it will be really good.”
Kronstadt’s company has also partnered on the acquisition and management of two office buildings 29 miles outside New York City; one is fully leased, and the other is nearly full.
Krown Point and its partners have also assembled properties in Manhattan for a planned residential high-rise with ground-floor retail.
To read online at the Hartford Business Journal, click here
