Institutional Property Advisors Closes Shopping Center Sale in Greater New Haven Connecticut
January 20, 2026
DERBY, Conn., Jan. 20, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Derby Shopping Center, a 170,683-square-foot shopping center in Derby, Connecticut. The asset sold for $15.35 million.
“Derby Shopping Center’s five freestanding retail buildings on four separate long-term absolute net leases give the buyer an easy-to manage, risk averse investment,” said Jim Koury, IPA senior managing director of investments. “Lowe’s, which occupies 90% of the total square footage, contributes to the center’s overall weighted average lease term of 13 years, giving an owner a sense of security. Investor demand for this center was strong,” he added. Jim Koury of IPA and Henry McKenney of Marcus & Millichap, in association with John Krueger, Marcus & Millichap’s broker of record in Connecticut, represented the seller and procured the buyer.
Built in phases from 1985 through 2023, the center is near Connecticut Route 8 and the Merritt Parkway, close to New Haven, Bridgeport, and Waterbury. Within a 10-mile radius the population is over 554,000 and the average annual household income is more than $108,000. The property is shadow anchored by the area’s dominant grocer, Big Y. In addition to Lowe’s, the Derby Shopping Center’s tenants are Splash Car Wash, Webster Bank, and Dunkin’ Donuts.
“Derby Shopping Center’s five freestanding retail buildings on four separate long-term absolute net leases give the buyer an easy-to manage, risk averse investment,” said Jim Koury, IPA senior managing director of investments. “Lowe’s, which occupies 90% of the total square footage, contributes to the center’s overall weighted average lease term of 13 years, giving an owner a sense of security. Investor demand for this center was strong,” he added. Jim Koury of IPA and Henry McKenney of Marcus & Millichap, in association with John Krueger, Marcus & Millichap’s broker of record in Connecticut, represented the seller and procured the buyer.
Built in phases from 1985 through 2023, the center is near Connecticut Route 8 and the Merritt Parkway, close to New Haven, Bridgeport, and Waterbury. Within a 10-mile radius the population is over 554,000 and the average annual household income is more than $108,000. The property is shadow anchored by the area’s dominant grocer, Big Y. In addition to Lowe’s, the Derby Shopping Center’s tenants are Splash Car Wash, Webster Bank, and Dunkin’ Donuts.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.