O'Neil Plaza

JLL Capital Markets has been retained as the exclusive advisor for the sale of O’Neil Plaza (the “Property”), a 41,833 RSF unanchored strip center centrally located at 2434 Berlin Turnpike, in Newington, Connecticut. The Property presents a significant value-add opportunity through the lease up of the current vacancy and marking in-place rents and reimbursement structures to market. The Property is located along the high-traffic Berlin Turnpike (40,700 VPD), the dominant retail node within Greater Hartford with estimated total annual retail sales exceeding $1 Billion. The immediate trade area exhibits strong demographics, with a population of 221,710 within a 5-mile radius, averaging $104,000+ in annual household income.

2434 Berlin Turnpike presents an investor with immense value-add upside. 17 of the 18 in-place tenants are without contractual options and have less than 5 years of control remaining, allowing for near-term appreciation on the 37%+ below market in-place rents. Additional upside is easily achievable by rolling all tenants to market reimbursement structures, as less than 40% of the in-place tenants reimburse on a NNN basis. In addition, immediate value creation is available via the 4,874 RSF of vacancy across 3 leasable suites. The tangibility of these value-add opportunities result in an 11.7% 10-Year NOI CAGR on JLL's baseline underwriting, presenting a rare value add opportunity within an established retail property.