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| Boulevard Shops, West Hartford, CT |
BOSTON, MA – HFF announced today that it has closed the sale
of Boulevard Shops, a 24,600-square-foot, CVS-anchored shopping center
in West Hartford, Connecticut.
HFF’s
Boston retail investment sales team marketed the property exclusively for the
seller, HPE Boulevard LLC, an affiliate of Hirschfeld Properties LLC.
Lerner Properties LLC purchased the center
for $10.028 million free and clear of existing debt.
Boulevard Shops is situated on 1.82 acres at 463 Prospect Avenue at the
intersection of three of the area’s major roadways, Boulevard, West Boulevard
and Prospect Avenue. This places the
property in the epicenter of a residential community in the greater Hartford
area. The outdoor center is 93.5
percent leased to several national and regional tenants, including CVS, UPS
Store, H&R Block, Sprint and Santander Bank.
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| Jason Lerner |
“We
are very excited about this acquisition as we believe it’s a strong addition to
our portfolio,” said Jason Lerner of Lerner Properties. “This is our first property in Connecticut,
and we’re looking forward to further expanding our portfolio in Connecticut and
other states in the New England region as well.”
Hirschfeld Properties LLC is a fully-diversified real estate developer
engaged in the development, leasing, management and ownership of multifamily
residential communities, shopping centers, office buildings and hotels throughout
the United States. The company also
develops mixed-use projects which integrate all four of these project types and
acquires select existing income-producing property. Learn more at hirschfeldproperties.com.
Headquartered in Englewood Cliffs, New Jersey, Lerner
Properties prides itself on its consistent success and achievements in an
ever-changing commercial real estate environment. Through multi-generational, single-family ownership, Lerner
Properties has been able to maintain a solid sense of tradition and
leadership.
They develop, own and
manage a portfolio of strategically-located open-air shopping centers and
retail properties in high barrier-to-entry markets. Through a "hands-on" management approach, Lerner
Properties is able to optimally achieve the highest potential for its end
users. Find out more at www.lernerproperties.com.
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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