July 12, 2016— 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.”
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