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| Shoppes at Nod Brook, 315 West Main, Avon, CT |
BOSTON, MA – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $29 million sale of and
$16.25 million financing for Shops at
Nod Brook, a premier grocery-anchored shopping center in Avon, Connecticut.
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| Lauren O'Neil |
HFF represented the
seller, Midwood Investment & Development, in the transaction. The buyer is a joint venture between the
Wilder Companies out of Boston and Principal Real Estate Investors.
Principal and Wilder have established a
programmatic venture to invest in retail properties throughout the New England
area. Additionally, the new owner was
assisted by HFF in securing a five-year, fixed-rate acquisition loan through a
global life insurance company.
Shops at Nod Brook is a
99,788-square-foot shopping center that is anchored by The Fresh Market,
Marshalls and Michaels.
The
91.5-percent-leased center also features in-line tenants, Top Nail, Music &
Arts, Lane Bryant and Great Clips.
Located at 315 West Main, Shops at Nod Brook is positioned along the main
retail corridor (Route 44) in Avon, 10 miles west of Hartford. Within a three-mile radius of the property
there are more than 23,000 residents with an average household income of nearly
$150,000.
The HFF investment sales
team representing the seller was led by senior managing director Jim Koury.
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| James Koury |
HFF’s debt placement team
was led by directors Porter Terry
and Lauren O’Neil.
“We are excited to
establish this venture with the Wilder Companies,” said Jim Halliwell, Managing Director at Principal. ”They are a cutting
edge retail operating company with vast experience in enhancing value through
creative merchandising mixes, architectural
modifications, and thoughtful re-branding initiatives.
“We believe their skill
sets will serve the Nod Brook property and others well, generating attractive
risk adjusted returns for the ownership group and enhancing the shopping
experience for the communities we serve.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
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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