Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $29 million sale of and $16.25 million financing for Shops at Nod Brook, a premier grocery-anchored shopping center in Avon, Connecticut.
HFF represented the seller, Midwood Investment & Development, in the transaction. The buyer is a joint venture between the Wilder Companies out of Boston and Principal Real Estate Investors. Principal and Wilder have established a programmatic venture to invest in retail properties throughout the New England area. Additionally, the new owner was assisted by HFF in securing a five-year, fixed-rate acquisition loan through a global life insurance company.
Shops at Nod Brook is a 99,788-square-foot shopping center that is anchored by The Fresh Market, Marshalls and Michaels. The 91.5-percent-leased center also features in-line tenants, Top Nail, Music & Arts, Lane Bryant and Great Clips. Located at 315 West Main, Shops at Nod Brook is positioned along the main retail corridor (Route 44) in Avon, 10 miles west of Hartford. Within a three-mile radius of the property there are more than 23,000 residents with an average household income of nearly $150,000.
The HFF investment sales team representing the seller was led by senior managing director Jim Koury.
HFF’s debt placement team was led by directors Porter Terry and Lauren O’Neil.
“We are excited to establish this venture with the Wilder Companies,” said Jim Halliwell, Managing Director at Principal. ”They are a cutting edge retail operating company with vast experience in enhancing value through creative merchandising mixes, architectural modifications, and thoughtful re-branding initiatives. We believe their skill sets will serve the Nod Brook property and others well, generating attractive risk adjusted returns for the ownership group and enhancing the shopping experience for the communities we serve.”
About Midwood Investment & Development
Midwood owns over 125 properties in 10 states and the District of Columbia comprising in excess of 3,500,000 square feet with a development pipeline of several million square feet. Today the company actively seeks to acquire investment and development opportunities in its primary markets of New York City, Boston, Philadelphia and Washington D.C.
About Wilder Companies
The Wilder Companies is a Boston-based real estate firm specializing in the positioning of retail properties with proficiency in specialty centers, mixed-use developments, community centers, urban properties, and regional and super-regional malls. Privately held and owner managed, Wilder's mission has been and continues to be to create vibrant shopping places that meet and exceed the expectations of customers, retailers, and investors. The Company currently has a diverse portfolio of properties throughout the East Coast.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $66.2 billion in commercial real estate assets[1]. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
