CBRE/New England Capital Markets Team Sells Elmwood Plaza, West Hartford, CT for $14.25M
Wednesday, January 22, 2014
CBRE/New England Contact:
CBRE/New England Capital Markets Team Sells
Elmwood Plaza, West Hartford, CT for $14.25M
Dominant supermarket-anchored shopping center sold
BOSTON (Jan. 22, 2014) — CBRE/New England’s Capital Markets team today announced the sale of Elmwood Plaza located at 176-178 Newington Road in West Hartford, Connecticut. The newly constructed, ±80,000 square foot shopping center is anchored by Stop & Shop Supermarket and is located in the midst of the densely populated Elmwood residential neighborhood. Constructed on a former industrial site, Elmwood Plaza has made significant quality-of-life contributions to the neighborhood and in 2011 won “Best in Class” Commercial Project from the Connecticut Real Estate Exchange.
Winstanley Enterprises, LLC sold the property to Inland Real Estate for $14,250,000. CBRE/New England’s Chris Angelone, Bill Moylan, Nat Heald and Bruce Lusa, in conjunction with CBRE Stamford’s Jeff Dunne and David Gavin, represented the seller and procured the buyer in the transaction.
“We are pleased to have facilitated this transaction on behalf of Winstanley Enterprises,” noted CBRE/NE’s Nat Heald. “Elmwood Plaza offered Inland Real Estate a rare opportunity to acquire a newly constructed grocery-anchored property in an established New England market.”
Delivered in late 2010, the Elmwood store is Stop & Shop’s current “small format” prototype—which includes a major focus on in-store services such as a sushi bar, cheese-shop and a large organic and natural food selection. In addition, this store was selected to feature Stop & Shop’s latest energy-saving technology including a thermal roof, low emissivity glass windows and an Energy Management System to reduce energy consumption and the store’s environmental impact.
Strategically located along the heavily traveled Newington Road (CT Route 173) in the heart of the Elmwood residential neighborhood, Elmwood Plaza is ideally position to draw shoppers from the area’s nearly 282,000 residents living within a five-mile radius. This exceptional population density not only offers the property’s tenants a steady supply of customers, it also insulates the center from the threat of future competition.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2012 revenue). The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.