Mixed-use property in West Hartford sells for $40.5M
JLL Capital Markets arranges sale of fully integrated retail, office, medical office and multi-housing asset
BOSTON, June 10, 2021 – JLL Capital Markets announced today that it has closed the $40.5 million sale of Blue Back Square, a dynamic 445,661-square-foot mixed-use property with ground floor retail, best-in-class office and medical office space, along with 48 residential units in West Hartford, Connecticut.
JLL marketed the property on behalf of the seller. The purchaser was a joint venture between Charter Realty & Development of Greenwich, Connecticut, and funds managed by Miami-based Rialto Capital.
Blue Back Square is a fully integrated mixed-use development consisting of six buildings on 6.4 acres at Memorial and Isham roads in West Hartford. The property is within West Hartford Center, which is known as “The Center” and is one of Connecticut’s most well established and dynamic trade areas. There are few – if any – opportunities for new development in The Center of this scale, and the area has historically commanded the highest rental rates for retail and office space in central Connecticut.
Completed in 2008, Blue Back Square anchors the center’s shopping and dining district and houses 208,596 square feet of retail, 104,224 square feet of Class A office space, 98,565 square feet of best-in-market medical office and the 48 loft-style apartment units. Notable tenants include Crate & Barrel, Barnes & Noble, Cinepolis Luxury Cinemas and an array of desirable local and national restaurants and stores.
The JLL Capital Markets Investment Advisory team included Chris Angelone, Zach Nitsche, Nat Heald and Dave Monahan, along with Sean O’Neil of JLL’s Leasing team.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Blue Back Square
Blue Back Square is a unique shopping, living, dining, and entertainment destination. Anchored by Crate & Barrel, Cinepolis Cinemas, West Elm, and Barnes & Noble, the property also has several upscale restaurants and retailers such as The Cheesecake Factory, Fleming’s Prime Steakhouse and World of Beer. Centrally located in the highly sought-after town of West Hartford and regionally accessible to all of Central Connecticut, Blue Back Square is where people shop, eat, work, play and live. Visit bluebacksquare.com for more information.
About Charter Realty & Development Corp.
Charter Realty & Development Corp. is a full-service commercial real estate acquisition, development, and leasing company founded in 1993 by Paul Brandes and Dan Zelson. Charter specializes in acquiring both urban and suburban infill retail and mixed-use assets. Charter’s vertically integrated platform identifies value-creation and growth opportunities for all real estate product types. For more information, please visit charterrealty.com.
About Rialto Capital
Rialto Capital is a fully integrated real estate investment management, asset management and operating company. Rialto Capital was formed in 2007, and, since its founding, has participated in the investment of billions of dollars of equity in real estate assets. The company invests and manages assets throughout the capital structure in real estate properties, loans, and securities. For more information, please visit rialtocapital.com.