Old Lyme property firm buys Groton shopping center for $1.6M

20 Dec 2023

Economic Development

Old Lyme-based READCO has purchased the Lighthouse Square shopping center at 441 Long Hill Road, which is home to businesses such as the popular The Shack restaurant, for $1.6 million.

READCO president Michael Lech said Monday that his firm closed on the sale last week.

READCO currently manages or owns 1 million square feet of space from Old Lyme to Westerly with 100 tenants. It is currently proposing a $25 million residential, commercial and recreational project on Route 2 in Pawcatuck, where it has already developed a supermarket, bank and health care facility.

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