NGKF Capital Markets has successfully completed the sale of The Center at Hobbs Brook in Sturbridge, Massachusetts to Cole Credit Property Trust IV, Inc. (CCPT IV) for $43.5 million. Geoffrey Millerd, Justin Smith, Matt Waisnor and Paul Penman of the NGKF Boston Capital Markets team, which is led by Robert Griffin, oversaw the transaction of the grocery-anchored shopping center on behalf of Center at Hobbs Brook, LLC.
Comprising a total of 230,590 square feet, The Center at Hobbs Brook is presently 98.7 percent occupied. The property is anchored by a high-performing Stop & Shop supermarket and features a diverse tenant roster highlighted by national retailers including Marshalls, Michaels and Staples, among others. Geoff Millerd said of the asset, “Hobbs Brook has continued to draw leading retailers in their respective categories since the project was constructed and that stability is certainly something that the acquirer found attractive.”
“The Center at Hobbs Brook is an example of the opportunities that exist in secondary markets - exceptional credit, strong tenant performance and attractive yields,” said Smith. With Petco and Olympia Sports both recently joining the existing tenancy, the asset has continuously attracted tenants as space has become available.
Situated at the intersection of Interstates 84 and 90 with signalized access from Route 20, which features an average traffic count of 13,000 vehicles per day, The Center at Hobbs Brook boasts highly convenient accessibility. This prime retail location features five- and 10-mile population counts of approximately 33,500 and 97,700 people, respectively, with corresponding average household incomes of $74,500 and $78,900.
Thomas P. Falatko, senior vice president of Acquisitions of VEREIT, represented CCPT IV in the transaction.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
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