Red Bank-based based real estate investment firm First National Realty Partners LLC has made its first venture into the Connecticut market with the acquisition of Sand Hill Plaza in Newtown.
The 163,500-square-foot property at 228 South Main St. is anchored by a 61,450-square-foot Stop & Shop grocery store. Other tenants at the property include T.J. Maxx, Mattress Firm, Verizon, Great Clips and Quest Diagnostics. The financial terms of the acquisition were not made public.
“Sand Hill Plaza offered an outstanding opportunity for FNRP to establish a presence in Connecticut,” said Stephen Joseph, director of acquisitions. “With a highly affluent demographic, and proximity to New York City and the Fairfield County Gold Coast, Newtown is a perfect fit for our portfolio. And the approximately 36,800 square feet of available space at the center provides significant upside potential by way of increased occupancy and cash flow.”
Sand Hill Plaza sits in a densely populated retail corridor approximately 30 miles northwest of downtown New Haven, along the region’s dominant north-south thoroughfare. The center serves a growing population of more than 42,000 — with an average household income of $164,000 — within a five-mile radius of the property.
Justin Smith and Chris Peterson of Atlantic Capital Partners represented the seller in the transaction.