Shopping center sold for $6.8M

MANCHESTER - The Manchester Shopping Center, located at 97 Depot St, has been sold to Crosspoint Associates for $6.8 million, according to town lister Pauline Moore.

The 63,785 square-foot plaza, formerly owned by Manchester Holdco S.c.LLC, houses Price Chopper, Manchester Pizza, Village Picture Shows, China City, Sherwin Williams, EMS, The Dollar Store, and Olympia Sports.

Jonathan Hueber, from Crosspoint Associates, said that they currently have no plans for the plaza, and does not have a timeline for any possible decisions.

"We are going to continue to opperate [the plaza] as it is," he said.

Crosspoint is headquartered in Waltham, Mass., but their real estate management reaches across approximately 2.5 million square feet of office, industrial and retail space throughout New England, according to their Web site.

They already manage four properties in Vermont, including the Mount Snow Shopping Center in Wilmington. As of press time, the Manchester Shopping Center has been added to their list of properties on their Web site as their fifth Vermont property.

The site describes their specialty as the "ownership, management, and development of supermarket anchored retail pro per ties, community shopping ventures, mixed use properties and office properties."

Huber said one of the reasons Crosspoint had purchased the plaza was because it is the kind of retail space in which they specialize. He also mentioned that they like the town of Manchester and its sense of community.

Earlier in the year, there had been an item on the Manchester Development Review Board regarding the expansion of the Price Chopper supermarket within the plaza. The proposed project involved demolishing the western portion of the existing building, at the northern wall of the Price Chopper store. The expansion would expand from the northern wall out to the northwest a total of 20,700 feet, adding aproximately 14,300 square feet to the supermarket.

The item was then put on hold, and Mona Golub, vice president of public relations and consumer and marketing services for Price Chopper, said at the time that they had no plans to expand. She also had said that they made no proposal to the town of Manchester.

She had no comment to make regarding the recent change of ownership, she said.

"While we knew that some of the discussions relative to the sale of the shopping plaza were being had," Golub said in an email, "we weren't aware that a sale had gone through... At this point we don't have any comment to make."

Ellis Speath, founder of Speath Engineering and the project leader for the plaza, said he was unable to comment on the selling or the future of the plaza.

Meanwhile, down Depot Street, the 4,307 square-foot Friendly's building has been purchased by Saronis, LLC, for $750,000. The paperwork for the sale was finalized on Monday, July 1.

Attempts to reach Ari Konstantinou, the owner of Manchester Pizza, for comment on the purchase of the former Friendly's building were unsuccessful as of press time on Tuesday. During a phone conversation on Friday, June 28, before the sale was finalized, he said he had no comment to make at that time.

The former Friendly's restaurant had been open for 37 years prior to its closing on June 23. Maura Tobias, Director of Brand Engagement at Friendly's, said that it was an "underperforming restaurant," but declined to elaborate on its meaning or give any other comments to its closing.

Additionally, the Manchester Design and Development Review Board (DRB) have included a proposed expansion of Aubuchon Hardware at 1131 Depot Street to their next meeting's agenda. It is listed as a preliminary review only. The meeting will be on July 10, at 7:30 p.m.


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