176 Newington Rd, West Hartford, CT, 06110-2342, US

Elmwood Plaza

Description

JLL Capital Markets has been retained as exclusive advisor for the sale of Elmwood Plaza (the "Property"), a 79,790 square foot Stop & Shop anchored shopping center located in West Hartford, Connecticut. The small-format Stop & Shop supermarket is a strong performer and has 5 years of remaining lease term with options through 2085. The Property is ideally located in the midst of the densely populated Elmwood neighborhood, less than 3 miles from West Hartford Center. Elmwood Plaza offers investors a rare combination of cash flow stability and near-term upside. The property is 85.9% leased, and has 11,283 square feet of small shop and outparcel vacancy which will allow a new investor to grow cash flow immediately. Elmwood Plaza is properly sized and appropriately merchandised to meet demand from the surrounding market, and offers investors meaningful upside through leasing existing vacancy and creating additional density.

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Attributes

Building area net

79,790 sf

Occupancy

86%

Year built

2010

Land area gross

15.93 acres

Media

Investment highlights

79,790 SF grocery anchored neighborhood center located in affluent West Hartford, CT

Strong performing and well established Stop & Shop Supermarket anchor with term through 2030

Significant upside through leasing existing vacancy (11,283 SF) and an approved future pad site

75% of the income is generated by investment grade tenants (Stop & Shop and Dollar Tree)

Stop & Shop and Crazy Bruce's Liquors are on ground leases and are responsible for their buildings, limiting landlord capital exposure

High barrier to entry location in the midst of an extremely densely populated and affluent trade area (115,800 people and $113,142 AHHI within a 3-mile radius)