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R D Scinto Purchases Land for Retail Center in Shelton, Connecticut

Shelton, CT., It was announced today that the R D Scinto Company has purchased the 2.83 acre parcel of land from 900 Shelton Plaza Associates for the construction of a 27,000 square foot retail center.  The price was $1,500,000 or just over $530,000 per acre.

The property had originally been approved for a hotel site, but that sale fell through.  The timing for this purchase is ideal due to the fact the Scinto organization is in the process of constructing a multi building retail and medical center at the intersection of Bridgeport Avenue and in the process, has acquired additional tenants for this development.  The building will be a single story center with a Terra Cotta exterior.

Bruce Wettenstein, SIOR & Partner with Vidal/Wettenstein was the listing broker and represented the Scinto Organization.  Legal counsel for the seller was the law firm of Cohen & Thomas, PC of Derby, CT.