September 11, 2023 1:00 PM
Newmark announces the sale of Windsor Court, a grocery-anchored shopping center located in Windsor, Connecticut. Newmark Managing Director Paul Penman of the firm’s Boston Capital Markets Group’s retail practice represented the undisclosed seller and procured the buyer, First National Realty Partners. Newmark Co-Head of U.S. Capital Markets Robert Griffin and Managing Director Jon Martin provided additional support on the transaction.
Totaling 78,500 square feet, Windsor Court is presently 97% leased to a diverse eight-tenant roster anchored by Stop & Shop and complemented by a variety of daily-needs inline retailers.
“On behalf of the team, I would like to congratulate the seller and buyer for an outstanding execution on this transaction,” said Penman. “The sale is indicative of the continued flow of capital into high-quality retail assets, and Windsor Court easily fits the profile given its strong credit tenancy, high-volume grocery anchor, a mix of longstanding local and regional service-based retailers and minimal capital requirements.”
Windsor Court is prominently positioned at a signalized intersection off Interstate 91 in the suburbs north of Hartford, Connecticut. The property further benefits from attractive cross-shopping opportunities, given its shared access with a synergistic retail center anchored by Target, HomeGoods and Petco.
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. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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