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| Townline Square, 533 South Broad Street, Meriden, CT |
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| James Koury |
BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced
it has closed the $44.5 million sale of Townline
Square, a 314,816-square-foot, grocery-anchored shopping center in the
Hartford suburb of Meriden, Connecticut.
HFF marketed the property
on behalf of the seller, Urstadt Biddle Properties Inc. Castle Rock Equity Group LLC (Castle Rock)
purchased the asset free and clear of existing debt.
Anchored by Big Y World
Class Market, the 95.8-percent-leased Townline Square is home to major tenants
Marshalls, PetSmart, Burlington Coat Factory, Edge Fitness and Michaels in
addition to Bath and Body Works, Five Below, GameStop, Jersey Mike’s, Avenue,
Panera Bread, New England Dental, Sleepy’s and T-Mobile.
The two-building center was renovated in 2013
and has two outparcels, which are leased to McDonald’s and Pier One
Imports.
Situated on 29 acres
halfway between West Hartford and New Haven at 533 South Broad Street in
Meriden, Townline Square is located at the convergence of Interstates 91 and
691 and Routes 15 and 5, four of Connecticut’s major roadways. More than 115,000 residents with an average
annual household income of approximately $83,000 live within five miles of the
property.
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| Ben Sayles |
The HFF investment sales
team representing the seller was led by senior managing director James Koury and director Ben Sayles.
Castle Rock was assisted
by Divvone Equity Group to locate, structure and close this deal. David
Kahan of Divvone Equity Group has successfully worked with Castle Rock on
multiple transactions throughout the past year.
“Closing another deal with
Judah and Castle Rock’s team has been a pleasure,” said Kahan. “At Divvone, we pride ourselves on seeking
out creative channels to increase revenues and returns by using our extensive
relationships and expertise in the retail market together with our connections
with lenders.
“This strategic edge gives
us the ability to locate and structure deals such as Townline, placing us at
the forefront of the market. I look
forward to continue building the relationship and successfully working on many
more transactions together with Judah and his team.”
“Once again, our teams’
working relationships, alacrity and focus has effectuated the closing of
another successful deal,” said Judah L.
Angster Esq., CEO of Castle Rock Equity Group. “We are excited to add Townline Square into
our portfolio. We feel confident that
Castle Rock can bring additional value to an already great asset.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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