Description de l'actif
JLL Capital Markets has been retained as the exclusive advisor for the sale of Storrs Center, a dynamic mixed-use town-center property located immediately adjacent to the University of Connecticut’s (UConn) main campus in Mansfield (Storrs), Connecticut. The +/- 123,345 SF property is 93.3% leased across six buildings and anchored by Price Chopper, CVS, the UConn Bookstore, UConn’s Health Center and eleven food & beverage offerings connecting students and the campus community to quality retail and restaurant options. The high-performing Price Chopper is the only grocery store within five miles, term until 2039 and is the #1 Price Chopper in Connecticut according to Placer.ai. There are significant barriers to entry in this submarket, not only because of the arduous permitting and entitlement process, but also due to the scarcity of water and sewer connections that are controlled by the University prevent future supply from being developed. Located above the retail condominium are over 600 student housing units, serving as demand generators for tenants in addition to the nearly 20,000 undergraduates and 5,314 staff members living, working, and studying on campus. The University of Connecticut is consistently ranked as one of the top public universities in the nation and tied for 58th overall by U.S News & World Report.
Storrs Center offers investors the rare opportunity to acquire a unique and irreplaceable property that serves as UConn’s town-center, anchored by a key, performing grocer and university affiliated tenants. Further, there is opportunity to create future value through the lease up of the remaining vacancy and a potential component disposition strategy.
Caractéristiques de l'actif
Média
Points clés d'investissement
- ±123,345 SF retail center adjacent to UCONN’s main campus and a central component of a large-format mixed use environment with 600 units owned by Greystar
- Strong performing Price Chopper with 15 years of term remaining, #1 most visited Price Chopper in CT
- 93.3% leased; major tenants include Price Chopper, UCONN Bookstore, UCONN Medical, UCONN Dental, CVS and Chase Bank
- Significant recent leasing momentum - 11,723 SF of new leases across 5 suites since 2022 including Chase Bank, Playa Bowls and Haven Hot Chicken
- Future upside through leasing 8,301 SF across 7 suites
- 2.2M annual shopping center visits, #1 most visited center in 10+ miles, nearly 20% increase in YoY visits
- The Property is deeply embedded in the UConn campus and husky lifestyle
- 20,000 Students
- 5,300+ Faculty and Staff
- 600+ apartments and 42 Townhomes directly above or adjacent to Storrs
- 50K+ prospective student visits each year (18% increase in 2023 freshman applications)
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