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| Charter Oak Marketplace, Hartford, CT |
FLORHAM PARK, NJ – HFF announced today that it has placed a
$15 million financing with PPM America for Charter Oak Marketplace, a
309,842-square-foot, Walmart-anchored, retail power center in Hartford,
Connecticut.
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| Jim Cadranell |
HFF
worked on behalf of the borrower, Paramount Realty Services, Inc., to secure
the 10-year, fixed-rate loan through a life insurance company. Loan proceeds will refinance existing debt
and pay for renovation costs currently taking place at the property. HFF will also service the loan.
Charter Oak Marketplace is situated on 33.5 acres at 475 Flatbush Avenue
at the entrance ramp to Interstate 84 in Hartford.
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| Jon Mikula |
Completed in 2005,
the center is fully leased to tenants including Marshalls, Dollar Tree, Dunkin
Donuts, Taco Bell, Payless Shoes and AT&T, and consists of two in-line
retail buildings, five pad sites and a Walmart pad site.
The renovations at
the center include a 31,000-square-foot addition to Walmart to upgrade it to a
full-service grocery store (Walmart is covering the cost), a 6,800-square-foot
addition to house The Children’s Place and Famous Footwear tenants, and the
construction of a new Denny’s restaurant that will be complete by the end of
summer.
The
HFF team representing Paramount Realty Services, Inc. was led by managing
director Jim Cadranell, senior managing director Jon Mikula and
real estate analyst Samuel Seiden.
Paramount Realty Services, Inc. was founded in 1994 as a full-service
commercial real estate firm specializing in retail real estate in the
Northeast.
Paramount Realty owns and
operates more than five million square feet of shopping centers throughout New
Jersey, Connecticut, Massachusetts, Maryland and eastern Pennsylvania.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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