Rouse Acquires $42M Retail Center in Connecticut
- Oct 21, 2016
By Irina Vrasmas
Glastonbury, Conn.—The Shops at Somerset Square, an approximately 115,000-square-foot lifestyle shopping center located in Glastonbury, was acquired for $42 million by Rouse Properties, a New York-based real estate investment trust owned by affiliates of Brookfield Asset Management. The seller, HB Nitkin Group, originally acquired the asset for $28.5 million in 2003, according to online real estate records from The Warren Group.
Located just off Route 3 on the Glastonbury Boulevard, The Shops at Somerset Square can be easily accessed from Interstate 91, a major north-south transportation corridor of Connecticut. Moreover, the center is located in close proximity to several Class A office buildings and hotels, and supplies a trade area consisting of over 372,400 people with an average income of $104,600 only 8 miles southeast of Hartford.
“The Shops at Somerset Square is a compelling addition to our portfolio, as it allows us to enter the fundamentally strong Northeast market and add another dominant retail center where we have the opportunity to create additional value by enhancing the merchandising mix and shopping experience,” said Brian Harper, CEO of Rouse Properties, in prepared remarks.
The retail center consists of a tenant base comprised of various fashion, beauty and dining brands in an outdoor town square setting. Tenants include leading national and regional retailers such as Francesca’s, Victoria’s Secret, White House Black Market, Chicos, Starbucks, Lux, Bond & Green Jewelers, Max Fish and more.Additionally, The Shops at Somerset Square features office and medical space as well.
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