PAG Investments Buys Hartford-Area Retail Property
- Dec 10, 2019
PAG Investments has purchased Simsbury Commons, a 256,804-square-foot shopping center in Simsbury, Conn. EDENS sold the Stop & Shop-anchored asset for $46.5 million. Newmark Knight Frank represented the seller in the deal and procured acquisition financing for the buyer from Hometown Bank.
Simsbury Commons is located at 498-540 Bushy Hill Road alongside U.S. Route 202, 3.7 miles southwest of downtown. The 16.4-acre property is less than 12 miles west of downtown Hartford. The center serves a population of more than 50,000 living within a 5-mile radius and earning an average household income of more than $160,000.
Anchor Stop & Shop underwent capital renovation and modernization works completed in October 2018, per Patch.com, being one of the first 21 stores included in the supermarket chain’s $70 million improvement plan. The shopping center also has Zoo Health Club, Apple Cinemas, Bed Bath & Beyond, HomeGoods, Walgreens, Webster Bank and Santander on the tenant roster.
NKF Vice Chairman Geoffrey Millerd brokered the transaction on behalf of EDENS and Managing Director Tim O’Donnell secured the financing for the buyer. In May, Millerd was also part of the brokerage team that negotiated the $16 million sale of a 129,242-square-foot retail asset in Glen Burnie, Md.