October 6, 2022 11:00 AM
Newmark announces the sale of Crossroads Plaza, a grocery-anchored retail center 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, Big Y Foods. 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 112,920 square feet, Crossroads Plaza is anchored by a high-volume Big Y supermarket, which has been operating at Crossroads Plaza since November 2010. The remainder of its rent roll is highlighted by service-oriented retailers including locally operated restaurants, a wine/liquor store, The UPS Store and a Webster Bank outparcel with a drive-through.
Crossroads Plaza 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.
“Crossroads Plaza is a critical component of a dominant retail node,” said Penman. “It is one of four assets, situated at the junction of Route 44 and North Main Street, that combine to create West Hartford’s busiest shopping destination.”
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 nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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