December 1, 2022 1:00 PM
Newmark announces the sale of Bishops Corner, a Target-anchored mixed-use asset located in West Hartford, Connecticut. Newmark Vice Chairman Geoffrey Millerd of the firm’s Boston Capital Markets group’s retail practice represented the seller and procured the buyer, First National Realty Partners. The group’s retail practice is led by Millerd and Co-Head of U.S. Capital Markets Robert Griffin, and includes Managing Directors Jon Martin and Paul Penman. Newmark Managing Director Mathew Adler provided additional support on the transaction.
Totaling 259,104 square feet, Bishops Corner is anchored by a high-volume Target, which opened on-site in 2019. The remainder of the asset’s rent roll is highlighted by junior anchor Marshalls/HomeGoods, dining and service-oriented retailers and upper-level office users.
Bishops Corner is located five miles west of Hartford at the intersection of Route 44 and North Main Street, a heavily trafficked retail destination. The property is surrounded by a densely populated residential community comprising more than 215,000 people within a five-mile radius.
“Bishops Corner offered a rare opportunity to acquire a retail asset inclusive of Target,” said Millerd. “This highly desirable anchor tenant combines with the asset’s complementary retailers and highly visible location in an active retail submarket to drive strong on-site sales.”
Newmark Senior Financial Analyst Casey O’Brien provided financial analysis support for the transaction.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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