ESSEX, CT., March 18, 2007 -- Lowe’s Home Improvement announced the grand opening of its 170,000 sf Wallingford, CT store on February 8, 2007, a milestone largely attributable to the efforts of one local firm that pulled together the multi-layered deal.
The opening of Lowe’s in Wallingford marks the culmination of nearly three years of work by Property Politics, the real estate development and advisory firm founded by Essex resident Wayne D’Amico, CCIM. D’Amico’s vision and creativity met the challenge of redeveloping the site of the former Wal-Mart on Rte 5 in Wallingford, tailoring it to Lowe’s requirements, and addressing myriad financial complexities.
“My knowledge of both the local and national dynamics affecting this project enabled me to work with Wal-Mart to best position this site for maximum redevelopment potential,” said Wayne D’Amico, CCIM, President and Principal of Property Politics. “This was a complex deal that required securing additional acreage to make it work, as well as working through detailed leasing and mortgage issues before the deal could close.”
Wal-Mart Stores, Inc. of Bentonville, Ark., retained D’Amico in May 2003 to lease its former 125,000-square-foot store at 1092 North Colony Road, also known as Route 5, in Wallingford. Wal-Mart, which leased the ground from property owner Infinity Route 5, LLC, moved in July 2004 into the 172,000-square-foot former Super Kmart store, a little further down the street in Wallingford. Part of the efforts to bring Lowe’s to the 18-acre site, entailed negotiating and completing a deal for an additional 6.7 acres on two adjoining parcels, razing the former Wal-Mart and an adjacent 40,000 square-foot former health club, then building a new, 170,000-square-foot Lowe’s Home Improvement Warehouse including a 29,000-square-foot garden center D’Amico said.
In addition to working with Lowe’s officials and the local property owners, D’Amico worked extensively with fellow CCIM, Sam Harper, Real Estate Manager for Wal-Mart Realty Dispositions, Division to bring this deal to fruition. As a graduate of the CCIM Institute (Certified Commercial Investment Members) considered by many to be the most rigorous education program in the industry, Harper recognized in fellow CCIM, D’Amico, the requisite experience and credentials to structure such a deal. “D’Amico was an integral part of the process, allowing Wal-Mart to mitigate our outstanding obligation at the former store site.” said Sam Harper, CCIM, Real Estate Manager for Wal-Mart Realty Dispositions Division. “Early in our disposition process I identified D’Amico as a qualified local resource to help Wal-Mart with what was anticipated to be a difficult task. We are extremely pleased with the results.”
Lowe’s anticipates that their Wallingford store will provide up to 175 new jobs as well as provide an outstanding resource for the local DIY and contractor consumer markets.