Sand Hill Plaza Sold To Private Equity Firm
Sand Hill Plaza, which has been experiencing a long exodus of tenants over the past decade, has new owners this week.
On April 21, the vertically integrated real estate investment firm First National Realty Partners, LLC (FNRP) announced the addition of Sand Hill Plaza in Newtown to its expanding grocery-anchored shopping center portfolio. The firm has real estate holdings in 18 states as far west as Texas, throughout the mid-west, and north to Michigan.
This 163,500-square-foot Newtown property marks the Red Bank, NJ-based firm’s first acquisition in Connecticut, and continues its strategic nationwide expansion targeting premier open-air retail centers in primary and key secondary markets.
Located at 228 South Main Street, Sand Hill Plaza is anchored by a 61,450-square-foot Stop & Shop grocery store. A subsidiary of global grocery operator Ahold Delhaize, Stop & Shop has been a Sand Hill Plaza tenant since the center opened in 1990; it has virtually no competition within a three-mile radius.
Sand Hill Plaza’s tenant roster currently includes T.J.Maxx, Mattress Firm, Verizon, and Quest Diagnostics.
“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.”
According to the release announcing the acquisition, investors describe Sand Hill Plaza as sitting 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.
FNRP’s mission is to provide everyday accredited investors with access to real estate assets that traditionally have been available only to institutional investors. Specializing in grocery-anchored, necessity-based retail product, the firm sources opportunities both on and off-market nationwide.
Among tenants at its other properties are Jersey Mike's Subs, Rent-A-Center, KFC, Family Dollar, Goodwill, Starbucks, and Big Lots.