US - Lubbock, TX
A$15,566,000 | 6,548 m²
JLL has been retained as exclusive advisor for the sale of Crystal Mall (the “Mall” or “Property”), a two-level regional mall located at 850 Hartford Turnpike in Waterford, Connecticut. The Property is situated on ~82.4 acres (~64.5 acres owned), and is comprised of 807,396 square feet (“SF”) of gross leasable area (“GLA”) (535,494 owned) and features an anchor lineup
including JCPenney (91,588 SF, owned), Christmas Tree Shops (subletting a portion of the former Bed Bath & Beyond space, 80,892 SF, owned), a former Macy’s (121,270 SF, non-owned, dark) and a Seritage-owned box (150,632 SF, non-owned, dark), which account for approximately 55% of total GLA.
EXCELLENT LOCATION / ACCESS
Strategically positioned along I-95 (64,000 VPD) at the
Hartford Turnpike (30,200 VPD), Crystal Mall is easily
accessible from all of western Connecticut, just one exit from
the I-95/I-395 split.
REPOSITIONING / REDEVELOPMENT POTENTIAL
Crystal Mall offers a prospective purchaser the potential to
meaningfully reposition a major asset along the heavily traveled I-95 corridor.
STRONG DEMAND DRIVERS
Crystal Mall is located just a short distance from Connecticut’s
Mystic Country area, which includes top tourist attractions
such as Foxwoods and Mohegan Sun Casinos, Mystic
Aquarium, and the historic Mystic Seaport. The Property is
proximate to the area’s major employers, including General
Dynamics Electric Boat, the U.S. Naval Submarine base in
Groton as well the U.S. Coast Guard Academy with more
than 1,000 cadets, all of whom live on campus. Area colleges
and universities also include Connecticut College, a 750-acre
campus with over 1,900 students and Mitchell College, a 68-
acre campus with over 1,000 students.
LIMITED DIRECT COMPETITION
Crystal Mall enjoys a strong competitive position as the closest competing regional mall is approximately 50 miles driving distance to the west in Meriden, Connecticut. As a result, the Property serves all of New London and Middlesex Counties in
Connecticut along with Washington County in Rhode Island.
ATTRACTIVE OUTPARCEL COMPONENT
Crystal Mall features two nationally-prominent fast casual restaurants, Longhorn Steakhouse and Olive Garden, which generate a combined base rent of more than $323,000 – providing meaningful value enhancement and basis reduction via potential sale.
ADDITIONAL UPSIDE POTENTIAL
The Property offers further additional upside with the potential to lease 39 available small shop suites, comprising approximately 235,728 SF.
DESIRABLE DEMOGRAPHIC PROFILE
Crystal Mall benefits from a well-heeled trade area featuring a population of approximately 233,276 people and an average household income of $113,146 within a 15-mile radius of the Property.