Single-tenant grocer near New York City sells
JLL Capital Markets arranged the sale of the retail asset triple net leased to Stop & Shop in Bridgeport, Conn.
NEW YORK, May 10, 2021 – JLL Capital Markets announced today that it has closed on the sale of Stop & Shop Plaza, a 54,510-square-foot, single-tenant retail building triple net leased to Stop & Shop in the suburban New York City community of Bridgeport, Connecticut.
Completed in 2006, the retail building is occupied by Stop & Shop Supermarket, one of the northeast’s largest supermarket chain and the No. 1 grocer by market share in Connecticut. It is positioned on 7.5 acres at 2145 Fairfield Ave. along the Fairfield Avenue Commercial corridor. Stop & Shop Plaza is minutes from the region’s dominant highways, including Interstate 85 and Route 1, and Bridgeport is only an hour from New York City’s Grand Central Station. Additionally, Bridgeport houses nearly 7,500 residents per square mile and is within Fairfield County, the most densely populated county in the state. There are more than 45,000 households within a three-mile radius of Stop & Shop Plaza.
The JLL Capital Markets team representing the sellers was led by Jose Cruz, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Michael Oliver along with Drew Saunders.
“Stop & Shop’s absolute triple-net-lease structure and corporate guarantee from its investment-grade credit parent yielded a secure, long-term income stream,” Bruno said. “These factors, coupled with the asset’s necessity-based profile, created strong investor interest, and we anticipate grocery-anchored retail and similar essential-use net-lease product to experience significant tailwinds in the post-pandemic market.”
JLL’s recently released U.S. Grocery Tracker 2021 report details how investors continue to favor grocery-anchored retail centers. Along with grocery-anchored retail under 1000,000 square feet, JLL anticipates single-tenant grocery assets such as Stop & Shop Plaza will be one of the most sought-after asset classes during the recovery.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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.