WEST HARTFORD, Connecticut — One of the town’s biggest shopping districts has been sold in a massive multi-million dollar deal announced Thursday.
New Jersey-based First National Realty Partners, LLC has announced the addition of Bishops Corner at 333 N. Main St. to its portfolio of shopping centers.
Terms of the deal were not disclosed, but property records for the town of West Hartford put the location at a market value of $31.1 million.
This 259,104 square foot shopping center represents the company’s expansion in Connecticut.
Bishop’s Corner is backed by the 59,000 sq ft Target, which has been occupied since 2019.
Bishops Corner also includes Marshalls/HomeGoods, The Paper Store, Mattress Firm, Orange Theory, AT&T, Bank of America, TD Bank, Noodles & Company, GNC, Subway and Massage Envy.
The site also has 14,000 square feet of empty space, which company officials want to clean up as soon as possible.
“Bishop’s Corner ranks #1 in terms of customers for the Strip/convenience center in Connecticut, according to Placer.ai.
“With the destination’s diverse lineup of tenants and strategic geographic location, the property not only benefits from the submarket’s exceptional demographics, but is also well-positioned to attract customers from a wide geographic trade area. I have.”
The new owners cited the population density and socioeconomics of what they called “a very wealthy retail district about four miles west of the state capital, Hartford.”
According to First National Realty, Bishops Corner sees more than 40,000 total vehicle traffic per day, serves more than 216,000 people within a 5-mile radius of the center, and averages more than 216,000 households within a 1-mile radius of the center. Income is over $176,000.
Jeffrey Millard, Newmark’s vice chairman of the retail division of the company’s Boston Capital Markets Group, represented the seller and acquired First National Realty Partners.
Newmark is a global commercial real estate company with offices in the United States, Canada, Latin America, Europe, Asia and the Middle East.
Millerd said what made the property so desirable was the type of anchor tenant involved: the target.