Old-Lyme-based READCO announced last week that it had sold its portfolio —more than two million square feet of commercial space— to Glastonbury-based Trio Properties, which manages about 2,500 multifamily units in Connecticut and 15 other states. As part of the deal, the companies’ owners decided on a partnership to jointly manage a real estate development and investment company that will operate under the READCO brand. An example of the model they want to promote is the joint Trio-READCO development in Pawcatuck, where they are proposing to build a housing and commercial complex on the site of the vacant Hoyt’s/Regal theater on Route 2 which declared bankruptcy during the pandemic. The project contemplates separate living, shopping and recreational components, with the latter designed to serve the entire surrounding community, not just the complex residents.
New Partnership Bets on Updated Mixed-Use Model for Southeastern Connecticut