Update 3/24/16 – DealPoint Merrill is looking to sell or lease a portion of the parking lot fronting its self-storage conversion of the former Shaw’s supermarket. The parking lot comprises 43,500 square feet of the 7.6-acre site. A broker listing by Harpool Commercial Realty LLC lists a 4,000-square-foot building proposed for the southeast corner of the site, near the North Mountain Road intersection, according to the source.
The listing indicates the plot is zoned for commercial businesses, including banks, fast-food establishments, medical offices or restaurants. The 1-acre parcel is listed for $815,661. A ground lease is also available for $75,000, in which the tenant can develop the land during the lease period but must turn over the property and improvements to DealPoint Merrill at the conclusion of the lease, the source reported.
The proposed building will be surrounded by up to 65 parking spaces as well as adjoining parking connected to the self-storage facility. Mayor Erin Stewart has previously said the city is receptive to business construction at the front of the site.
DealPoint Merrill recently closed on a $5.2 million construction loan for the supermarket conversion, according to the source. The project is expected to be complete by the end of the summer.
8/24/15 – DealPoint Merrill LLC, a real estate development and property-management firm, has begun work to convert a former Shaw’s Supermarket in New Britain, Conn., into self-storage. The company recently acquired the 7.63-acre property at 1045 W. Main St. for $2 million, according to the source. The existing, 65,658-square-foot former grocery store will comprise about 1,000 climate-controlled units. The building’s façade will also be redesigned.
City officials expedited building and other permits to enable DealPoint Merrill to begin construction as quickly as possible, the source reported. The company worked closely with the city on its plans, and assured neighboring businesses and residents the project would not include exterior storage for vehicles, according to William P. Carroll, director of economic business development for New Britain.
The city may have been motivated to grant approval for the project in order to revitalize the retail center and restore property-tax revenue, the source reported. "[Self-storage facilities] aren't what they used to be 20 years ago,'' Carroll said. “Let's face it, nobody likes an empty retail building in their backyard.''
When complete, the self-storage facility will be managed by real estate investment trust CubeSmart, according to the source. DealPoint Merrill is actively scouting additional opportunities in Connecticut, Roger Burgin, the company’s portfolio manager, told the source.
The company launched a $25 million DPM Growth and Income Fund in January to help finance its 2015 expansion platform, which includes self-storage conversion projects.
DealPoint Merrill is a subsidiary of The Merrill Group of Cos., a privately held real estate development and property-management firm that has been in business since 1985. Merrill Group manages more than 2 million square feet in office and retail assets nationwide. Based in Los Angeles, DealPoint Merrill also has a strategic partnership with real estate firm Sperry Van Ness LLC for co-investment opportunities and development services.
Sources:
- Hartford Business Journal: Ex-Shaw's Redo Sates Public's Need for More Closets
- New Britain Herald: Developer Selling, Leasing Pad Site at Front of Old Supermarket
