Sunday, September 6, 2015

$44.5 million sale of grocery-anchored shopping center in Connecticut closed by HFF


Townline Square, 533 South Broad Street, Meriden, CT

 
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.

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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