Old Lyme – The online auction of a shopping center on Halls Road later this month is being met with optimism by some business owners.
Built in 1964, the Old Lyme shopping center is home to a variety of businesses including Andy’s Deli and Market, The Hideaway Restaurant and Pub and the Hair Trendz salon.
The auction, scheduled for August 23-25, will be hosted by online property exchange Ten-X on behalf of Shelton’s NorthEast Private Client Group, which represents the current owner.
The starting offer on the property, a 5.2-acre site consisting of two buildings totaling approximately 50,000 square feet, is $1.5 million.
Andy’s Deli & Market is a flagship business in Old Lyme Shopping Centre. The mall is auctioned online later this month. (File photo)
NorthEast Private Client Group partner Chris Bierezowiec said Tuesday there was a reservation — or minimum acceptable price — on the property, but noted the reservation did not have to be disclosed. The company called the auction a “normal sale and due to a favorable market”.
Christi Laquitara, owner of Hair Trendz, who moved her salon to East Lyme Square four years ago, said on Monday the traffic volume in the mall was good but she would like to see more. She thinks an update to the exterior appearance of the buildings could help increase people’s interest in coming to the mall.
“Hopefully someone who buys it looks to update it and make it more appealing and bring more traffic to it, and not just let it stay here and carry on as it is,” said Laquitara. “It would be nice if it was someone local.”
Jim Caramante, who bought the Hideaway restaurant and pub in 2005 after working as Hideaway’s chef for 11 years, agreed traffic is okay in the square, noting in particular the heavy traffic at Andy’s Deli and Market in the mornings and the ‘afternoon. Caramante said he was not concerned about a change in ownership, which could lead to improvements, and that he knew of at least two business owners in the square who had recently expanded their business or were planning to expand. enlarge.
“The owners now, they are doing a good job, but it could use some improvement,” he said. “It’s a beautiful property. »
Despite a few empty storefronts on the ground floor, the listing shows 77% occupancy of the plaza, which, in addition to retail and restaurant businesses, includes offices and a Yale New Haven Health office in a adjacent building.
The property was previously listed for sale at $4.8 million in 2011, according to listing website information. According to city records, the mall was sold in 2015 to 19 Halls Road, LLC in Yonkers, NY for nearly $3.6 million. It was appraised at $3.96 during a reappraisal completed in 2019.