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Tri-City Plaza

Balanced
Vernon, CT
Target Return
15.70%
Minimum
$150,000
Hold Period
4 Years
Buligo CapitalSponsored by Buligo Capital · $3.3B AUM
Overview

Tri-City Plaza is a 295,817 square foot grocery-anchored shopping center located in Vernon, Connecticut, approximately 15 minutes east of downtown Hartford. The property is 96% leased to an institutional-grade tenant roster anchored by a 74K SF ShopRite with 14 years of lease term remaining, and sits within the top 10% of shopping centers in Connecticut by visitation. The property is being acquired through a limited partnership structure with an anticipated closing in June 2026.

Why This Opportunity

  • Grocery-anchored stability: ShopRite anchors the center. Wakefern Food Corp., ShopRite's parent, is the nation's largest retailer-owned grocery cooperative.

  • Institutional-grade tenant roster: 91% of base rental income comes from national and credit tenants, including TJ Maxx, HomeGoods, HomeSense, Hartford HealthCare, Staples, Dollar Tree, Harbor Freight, and Five Below

  • E-commerce resistant tenant mix: The 26-tenant roster spans grocery, off-price apparel, home goods, healthcare, discount retail, dining, and services — categories that drive in-person visits and are difficult to replicate online

  • Market-leading traffic: 4.1 million visits in 2025, ranking the center 11th out of 102 retail centers in Connecticut*, with 164,000 vehicles passing the property daily

  • Durable income visibility: 7.5-year weighted average lease term backed predominantly by A-rated credit tenants

  • Multiple value-creation levers: Three vacant suites totaling 11,138 SF available for lease-up, contractual rent growth and mark-to-market opportunities across the existing tenant base, and selective outparcel dispositions targeted for Year 4

  • Experienced sponsor and operator: Buligo Capital ($3.3B AUM, 23.4% net IRR across 76 realized investments) partnered with East Coast Acquisitions, which will actively manage the property post-acquisition and currently operates 16 retail centers nationwide

  • Projected returns: 15.7% IRR and 1.7x equity multiple over a 4-year hold, with ~8.0% cash-on-cash in Year 1 and ~9.6% in Year 2

Deal Structure

  • Net purchase price: $62.5M ($211/SF)

  • Total capitalization: ~$64.9M (includes closing costs, capital reserves, and 2% acquisition fee)

  • Debt: ~$43.75M at 5.5% fixed rate (via interest rate swap), 5-year term, 2 years interest-only**

  • Investor equity raise: ~$21.1M

  • Minimum investment: $150,000

  • Sponsor co-investment: Buligo Capital and East Coast Acquisitions investing ~5% of total equity alongside limited partners

  • Net purchase price cap rate: 7.1%

  • Partnership vehicle: ECA Buligo Tri-City Partners LP (Delaware LP)

  • Offering: 506(c) Reg D, accredited investors only

Promote Structure

  • Tier 1: 25% promote above an 8% IRR

  • Tier 2: 35% promote above a 15% IRR

  • Fully back-ended with no catch-up — the sponsor only participates in profits after investors have received their preferred returns and return of capital

Business Plan

The investment targets stable cash flow from Day 1 through in-place leases, with near-term upside driven by three levers:

  • Lease-up: Three vacant suites represent incremental NOI without new construction

  • Contractual rent growth: Built-in escalations and mark-to-market opportunities across the existing tenant base over the hold period

  • Outparcel sales: Selective disposition of two outparcels in Year 4 (7 Brew standalone and a multi-tenant outparcel), expected to command lower cap rates than in-line retail. Net proceeds from these sales are distributed directly to investors as realized

Key Tenants

  • ShopRite (Wakefern Food Corp.)

  • TJ Maxx (TJX Companies, NYSE: TJX)

  • Hartford HealthCare

  • HomeGoods (TJX Companies)

  • HomeSense (TJX Companies)

  • Staples

  • Harbor Freight Tools

  • Dollar Tree

  • Five Below

Property Details

  • Address: 35 Talcottville Road, Vernon, CT 06066

  • Year built / renovated: 1963 / 1991

  • Total GLA: 295,817 SF across 24.10 acres

  • 26 tenants with a diversified mix of grocery, retail, dining, healthcare, and services

  • Anticipated closing: June 2026

Competitive Context

Recent retail sale comparables support the acquisition basis. The 15 closest regional comps closed at an average price of $357/SF and 6.49% cap rate, with local submarket comps including The Plaza at Buckland Hills (308,000 SF, sold December 2024 at $219/SF, 7.30% cap) and Bristol Plaza (263,829 SF, sold December 2025 at $167/SF, 6.50% cap). Tri-City Plaza's acquisition at $211/SF and 7.1% cap rate compares favorably within the competitive set.

* Source: Based Placer.ai visits statistics.

** Any change to the terms of the loan, including interest rates, may affect the forecasts and the financial models as presented in this investment memorandum. Note: the loan agreement and ancillary documents are not yet finalized.

How Allocation Works
$21,100,000
Offering Size
÷
$150,000
Minimum
=
140
Investor Limit
140 is the investor limit if everyone invests the minimum. Since many invest more, the offering typically fills with fewer.
Project Your Returns
The Market

Vernon, CT

Tri-City Plaza is located within the Greater Hartford metro, one of New England's most established economic centers with approximately 1.2 million residents*. The region supports a diversified economy spanning insurance, aerospace manufacturing, healthcare, financial services, education, and technology. Hartford is recognized as the "Insurance Capital of the World" and anchors Connecticut's "Aerospace Alley" advanced manufacturing corridor. Major regional employers include Travelers, The Hartford, Aetna CVS Health, Pratt & Whitney, and the University of Connecticut.

Greater Hartford MSA

  • ~1.2 million residents across one of New England's most established economic centers

  • Diversified economy spanning insurance, aerospace manufacturing, healthcare, financial services, education, and technology

  • Hartford recognized as the "Insurance Capital of the World" and anchors Connecticut's "Aerospace Alley" advanced manufacturing corridor

  • Major regional employers include Travelers, The Hartford, Aetna CVS Health, Pratt & Whitney, and the University of Connecticut

  • 617,900+ total employment

  • $89.5 billion gross regional product

  • 3.2% unemployment rate (2024 average)

  • Strong connectivity through Interstate 84, Interstate 91, and Bradley International Airport, positioning the market between Boston and New York City

  • The region benefits from strong connectivity through Interstate 84, Interstate 91, and Bradley International Airport, positioning the market between the major economic centers of Boston and New York City.**

Trade Area Demographics

The property sits within an affluent, densely populated suburban market supporting strong consumer spending and necessity-based retail demand:

  • 5-mile radius: ~117,000 residents, ~51,000 households, $122,000 average household income, $356,000 average home value

  • 3-mile radius: ~48,000 residents, ~21,000 households, $130,000 average household income

  • 10-mile radius: ~300,000 residents, ~125,000 households, $121,000 average household income

Location & Accessibility

Tri-City Plaza sits within Vernon's primary commercial corridor with strong visibility and regional connectivity:

  • Located along Talcottville Road (28,000 vehicles/day) and Hartford Turnpike (20,000 vehicles/day)

  • Direct access to Interstate 84 (116,000 vehicles/day) less than one mile away

  • 0.1 miles to Talcottville Road (Route 83): Vernon's primary commercial corridor

  • 0.8 miles to Interstate 84: the region's main east-west highway

  • ~11.5 miles to downtown Hartford

  • ~22.5 miles to Bradley International Airport

Surrounding Retail Corridor

The property sits within an established retail destination alongside national retailers including Target, Walmart, Lowe's, Kohl's, Aldi, and Big Y, reinforcing consistent consumer traffic throughout the corridor. Notable nearby centers within 4-5 miles include The Plaza at Buckland Hills (100% occupied — Trader Joe's, Marshalls, Total Wine, Ulta, PetSmart) and Evergreen Walk (Whole Foods, Costco, Nike, L.L. Bean, Pottery Barn).

Growth Pipeline

The surrounding trade area is seeing active residential development with 548 new units under construction or proposed nearby****:

  • Broad Street Parkade Redevelopment: 232 units

  • 942 Main Street Development: 116 units

  • Amerbelle / Daniel's Mill Redevelopment: 200 units

This expanding residential base is expected to increase daily foot traffic and strengthen demand for convenience-oriented retail, dining, and services at Tri-City Plaza.

Common Questions

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Target Return
15.70%
Equity Multiple
1.70x
0 Views
140 Investor Limit

Initial Investment ($)

$150,000$150,000$1M

Assuming your selected investment, after 4 years you could expect a return of:

Projected Return (4 yrs at 15.7% IRR)
$244,200
Irvine, CA 92612

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