TA Associates Realty Sell CT Shopping Center
25 Jan, 2006, Boston, MA
Cushman & Wakefield Handles $28.5 Million Transaction
On behalf of TA Associates Realty, Cushman & Wakefield of Massachusetts, Inc. today announced the sale Brookside Plaza in Enfield, CT for $28.5 million. Cushman & Wakefield's Capital Markets Group of Robert E. Griffin, Jr., Edward C. Maher, Jr., Geoffrey Millerd and Ryan B. Cox exclusively represented the seller and procured the buyer -- North Miami Beach-based Equity One -- in the transaction.
Brookside Plaza is a highly visible and well-stabilized 210,747 square foot community shopping center. Located approximately 18 miles due north of Hartford, CT and nine miles due south of Springfield, MA, Brookside Plaza was developed between 1985 and 1990 and today serves Enfield and the surrounding communities throughout north central Connecticut and south central Massachusetts. Strategically situated just off U.S. Interstate 91 in Enfield, Connecticut, Brookside Plaza is set upon approximately 34.3 acres of land.
Brookside Plaza has withstood the test of time as the dominant grocery/drug store - and fashion/promotional-anchored center in the Enfield trade area due to its outstanding location, highway access, visibility and exceptional anchor tenant alignment. Prominently situated in the southeast quadrant of the highly-active Route 190/I-91 cloverleaf, Brookside Plaza enjoys convenient access from every point on the compass and is ideally nestled between the capital city of Hartford and Springfield, MA -- the Bay State's second largest city. Area demographics are very attractive: Within five miles of the center, 80,172 residents produce an average annual income in excess of $73,000.
"Brookside Plaza is properly categorized as one of today's hottest retail investments -- the grocery-anchored community center," said Geoff Millerd, Senior Director at Cushman & Wakefield. "The center offered the buyer the unique mix of a dominant supermarket-anchored center with the potential to add value through the re-leasing of the available space. Both supermarket-anchored centers and value-add assets are extremely desirable in today's market."
At the time of sale, Brookside Plaza was 98.5% leased to a full spectrum of the most distinguished names in retail, including Shaw's Supermarkets, Marshalls, Staples, Walgreens, HomeTown Buffet, Pier 1 Imports, iParty, Blockbuster, DOTS, Sovereign Bank, Cingular Wireless, KFC, Taco Bell, Dunkin' Donuts and McDonald's. These and many other national retailers have recognized the advantages inherent in Enfield's location at the midpoint of Hartford and Springfield, as virtually every major player has a presence in Enfield and the market vacancy is less than 3%.
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