Bishops Corner, an upscale mixed-use commercial development in West Hartford, has sold for $38.76 million.
First National Realty Partners bought the 259,104-square-foot plaza from EDENS in a sale recorded Thursday.
Built in 1970, Bishops Corner was renovated in 2011 and is currently anchored by a Target store that opened in 2019. Other tenants include Marshalls/HomeGoods and TD Bank, along with several restaurants, service-oriented retailers and upper-level offices.
Bishops Corner is located at 333 North Main St., 5 miles west of Hartford at the Route 44 intersection. The area around the property is densely populated, with more than 215,000 people living within a 5-mile radius.
Newmark Group Inc. represented the seller and procured the buyer in the transaction.
“Bishops Corner offered a rare opportunity to acquire a retail asset inclusive of Target,” said Newmark Vice Chairman Geoffrey Millerd. “This highly desirable anchor tenant combines with the asset’s complementary retailers and highly visible location in an active retail submarket to drive strong on-site sales.”
The plaza was previously owned by commercial real estate company EDENS, which has offices in Washington, D.C.; Boston; Dallas; Columbia; Atlanta; Miami; Charlotte; Houston; Denver and San Francisco.
EDENS’ portfolio includes more than 100 properties in 16 states. In Connecticut, it owns ShopRite Plaza in Brookfield and Brookside Center in Bridgeport.
EDENS purchased Bishops Corner for $32.04 million in 1998.
The new owner, First National Realty Partners, was founded in 2015 and is based in Red Bank, N.J. Its Connecticut portfolio also includes Sand Hill Plaza in Newtown.
“With its diverse lineup of destination tenants and strategic regional location, the property not only benefits from the submarket’s exceptional demographics, but it is well positioned to attract customers from a wide geographic trade area,” said Stephen Joseph, First National Realty Partners’ director of acquisitions.
Source: news.google.com
