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The Lighthouse Square shopping plaza on Long Hill Road in Groton has been sold for $5.15 million to West Hartford development firm The Simon Konover Co.
The more than 40,000-square-foot retail center, anchored by Walgreens pharmacy and featuring The Shack restaurant, Community Hearing Aids of Connecticut and Cost Cutters, was sold by Schochet Lighthouse LP, which bought the property in 2002 for $1.9 million.
K Groton LLC, a TSKC affiliate, took title to the 3.9-acre property March 25. The plaza has two separate buildings, a 14,640-square-foot Walgreens built a decade ago and a 28,100-square-foot retail area.
“We are very pleased with the quality and location of this property,” said James Wakim, president and chief operating officer of Simon Konover, in a statement. “This acquisition represents the continued expansion of TSKC holdings in eastern Connecticut.”
Simon Konover’s holdings or management contracts in the region include the Microtel Inn & Suites in Uncaville, the Mercantile Exchange office and retail building in Norwich, Marcus Plaza in Norwich, the 62-unit Haley Brook active adult condominium complex in Mystic and Eagle Pointe apartments in New London.
Other local Konover properties, according to its website, are Chase Manor, Uncas on Thames and Rose Hill Estates — all in Norwich.
In addition, the company has formed a partnership to develop Gateway Commons in East Lyme, a mixed residential and commercial development between Exits 73 and 74 off Interstate 95. Approvals have been granted for 280 residential units, and the commercial area will include up to 425,000 square feet of space anchored by a Costco superstore.