Bishops-Nook. Picture through Google Road View
First Nationwide Realty Companions has acquired Bishops Nook, a 259,104-square-foot, grocery-anchored retail heart in West Hartford, Conn.
Newmark’s Director Paul Penman brokered the transaction on behalf of EDENS, recognized by CommercialEdge as the vendor. The brokerage agency additionally procured the customer, which paid $76 million for the asset, in keeping with Hartford Enterprise.
The identical information outlet reveals that Bishops Nook was inbuilt 1970 and renovated in 2011. The retail heart is anchored by a 59,000-square-foot Goal retailer, which has been working on the location since 2019. Different tenants embrace Marshalls & HomeGoods, The Paper Retailer, Financial institution of America, Noodles & Co., GNC and Therapeutic massage Envy, amongst others. The retail heart nonetheless has 14,000 sq. ft of house out there for lease.
In keeping with a 3rd quarter 2022 retail report from Marcus & Millichap, the nationwide retail emptiness returned to ranges recorded earlier than the onset of the pandemic, with operations on this sector being supported by the labor market restoration.
A rising grocery-anchored portfolio
Bishops Nook is the top-ranked comfort heart in Connecticut, in keeping with retail visitors information agency, Placer.ai, serving roughly 216,000 folks dwelling inside a 5-mile radius. The retail heart is situated at 333 North Predominant St., adjoining to Route 44, in an space the place automobile visitors reaches greater than 40,000 autos per day.
With a rising grocery-anchored portfolio, First Nationwide Realty Companions continues to put money into the open-air retail property sector. Earlier this yr, the corporate added the next property to its retail stock: Tropicana Centre, a 586,000-square-foot retail heart in Las Vegas; Southern Plaza, a 268,000-square-foot purchasing heart in Indianapolis; and two retail properties in Manassas, Va., And O’Fallon, Mo.
