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Black Rock Shopping Center, 2181-2233 Black Rock Turnpike, Fairfield, CT
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NEW YORK, NY – HFF announced today that it has arranged an
approximately $150 million joint venture equity recapitalization for a three-property
retail portfolio totaling 315,121 square feet in Fairfield, Connecticut, a
prominent suburban New York community.
HFF
worked on behalf of the client, Kleban Properties, to secure the joint venture
equity through Regency Centers Corporation.
The equity proceeds are being used to acquire a majority interest in the
properties. Kleban Properties will retain management and leasing.
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Brick Walk, 1125-1275 Post Road, Fairfield, CT
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The portfolio is 100 percent leased and consists of more
than 100 diverse tenants including nationally recognized retailers and
businesses such as Banana Republic, The Gap, Old Navy, Victoria’s Secret, Bank
of America, Wells Fargo, Citibank, Morgan Stanley and Fidelity, as well as some
of Fairfield’s top dining and entertaining establishments.
Two of the properties (Fairfield Center and Brick Walk) are
high-street retail assets located downtown along the Post Road Corridor, while
the other (Black Rock) is located at one of the busiest intersections in
Fairfield with a highly dense population of 120,000 people within three miles
of the property.
Each property provides convenient access to the densely
populated and high income neighborhoods in the area, major highways serving
Fairfield, Fairfield University’s faculty and students, and the Fairfield Metro
North Station that connects to Manhattan’s Grand Central Station one hour away.
Individual property details are listed below:
Property Name/Location Size Year Built/Renovated Occupancy
Black Rock Shopping Center , 98,481 SF ,1965/1997, 100%
2181-2233 Black Rock Turnpike
Brick Walk, 124,224 SF, 1960/2010, 100%
1125-1275 Post Road
The Fairfield Center Building, 92,416 SF, 2001, 100%
1499 Post Road
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The Fairfield Center Building, 1499 Post Road, Fairfield, CT
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The
HFF team representing Kleban Properties was led by managing director Rob
Rizzi and associate director Rob Hinckley.
“These
properties represent some of the best located and mostly highly sought after in
the suburban New York market, most of which have been owned and/or developed by
Kleban for more than 50 years,” said Rizzi. “This was a generational
opportunity, and while only offered to a highly targeted “off market” group of
investors coordinated between HFF and Kleban, there was tremendous interest.”
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| Rob Rizzi |
Rizzi added, “The relationship between Kleban and Regency
clicked almost immediately, which greatly contributed to Regency’s selection as
a venture partner, and was strengthened through the complex acquisition process
setting the ground work for what we believe will be a very successful
partnership.”
Kleban Properties is a Connecticut-based real estate
development company with holdings throughout the U.S. in states including
Vermont, South Carolina, Alabama, Louisiana and Florida. Kleban owns and
manages its own portfolio including more than 10 centers in Fairfield,
Connecticut, where its commitment to continued growth is strongest, and where
it intends to further invest with Regency where opportunities are presented.
Regency is the preeminent national owner, operator, and
developer of high quality grocery-anchored and community shopping centers. At
December 31, 2013, the company owned 328 retail properties, including those
held in co-investment partnerships.
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| Rob Hinckley |
Including retailer-owned square footage,
the portfolio encompassed 43.3 million square feet located in top markets
throughout the United States.
Since 2000, Regency has developed 214 shopping
centers, including those currently in-process, representing an investment at
completion of more than $3 billion.
Operating as a fully integrated real estate
company, Regency is a qualified real estate investment trust that is
self-administered and self-managed.
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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