SPRINGFIELD, Vt. – The Springfield Shopping Plaza at 2 Chester Rd. was sold Sept. 16, 2019 by the long-time owners of Young’s Furniture & Appliances to Nassimi Realty LLC, a family owned diversified investment and development corporation that specializes in acquiring retail properties and is located in New York City. Nassimi created a new Vermont corporation, Springfield Shopping Plaza LLC, in July to take title to the property.
Young’s Furniture & Appliances is a privately-owned furniture retailer that began in 1919 as a small general store in the basement of the family home of the present owners’ grandfather, S.R. Young, and evolved to become one of the oldest furniture retailers in the Connecticut River Valley. The Vermont Secretary of State website shows the business trade name of the plaza at the time of the sale was Springfield Realty Corporation created in 2011.
Nassimi is a foreign limited liability corporation that manages shopping centers, office buildings, industrial assets, residential properties, and land holdings. The Vermont Journal spoke by telephone to Chaim Wiater, leasing agent for Nassimi, about the corporation’s plans for the plaza and asked if the present tenants will remain. Wiater said Nassimi has no plans to change the tenants or tenant mix and also has no plans for expansion as there is just not enough room at the site. Wiater said the corporation would like to add more long-term lease tenants to fill vacancies that presently exist.
There are three criteria on Nassimi’s website for properties it considers for acquisition. Two of those are assessed by square footage and investment value and the third is described as a “non-performing note” which may be available at a substantial discount. The Vermont Journal asked Wiater if the plaza property fit that third criteria and Wiater answered, “No, it does not.”
He further explained that the plaza is, in fact, a pretty stable asset that the new owner would like to keep stable while filling those vacancies. The Vermont Journal asked Wiater if Nassimi is looking at any other properties for purchase in Springfield and whether there are any plans to create a local management office. Wiater responded that Nassimi is not looking at any other properties in the area and plans to manage the plaza from its New York office with periodic visits to Vermont by management.
The plaza has been serving Springfield customers for years with a virtual one-stop shopping experience because of its very diversified mix of tenants, some of which include the Young family’s furniture store and its propane dealership, a dental office, bowling alley, laundromat, large chain grocery store, pool and spa dealer, jewelry store, pharmacy, two bank kiosks, an auto parts store, a men’s hairdresser, a department store retailer, and more.
The Vermont Journal reached out to the Young family for a comment and spoke to Thomas S. Ross, the corporation’s vice president, who said the family declined to comment and requested The Vermont Journal speak directly with the buyers to get the details of the purchase.