(NewsNation) — Walmart has purchased another shopping plaza, most recently in Connecticut, for a reported $44 million.
The retail giant purchased the Walmart Center in Norwalk, Connecticut, a 165,409-square-foot center plaza that includes a 118,630-square-foot Walmart.
It is located about 50 miles northeast of New York City.
“The amount of interest in this center was substantial. With several options to consider, Walmart stepped up with the best overall offer,” Jeff Kintzer, principal of Royal Properties, said in a release.
It marks another retail plaza purchase from the Arkansas-based conglomerate, which has bought two other malls this year.
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Monroeville Mall in Monroeville, Pennsylvania, and Bethel Park Shopping Center in Bethel Park, Pennsylvania, were purchased by Walmart in January and May, respectively, per USA Today. The latter has an existing Walmart store.
John Rosen, an adjunct professor of economics at the University of New Haven, told the outlet that the strategy is about providing improved, sweeping service to consumers.
“If they can, then all of a sudden they’re making tons of money, right? They’re bringing people into the stores, and they’re making real estate profits. They’re charging rent to the other people in the mall,” Rosen said.
