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Clarion Partners buys grocery-anchored retail center in Norwalk, CT
The 156,568-square-foot Main Avenue Shopping Plaza is fully leased to tenants led by Stop & Shop, Hobby Lobby, and Total Wine & More.
Franklin Templeton real estate manager Clarion Partners said Clarion Partners Real Estate Income Fund Inc. has acquired Main Avenue Shopping Plaza, a grocery-anchored community shopping center in Norwalk, Connecticut.
The property totals 156,568 square feet and sits on 16 acres at the intersection of Main Avenue, U.S. Route 7, and the Merritt Parkway. The purchase price was not disclosed.
ConnectCRE reported that JLL represented the seller, a joint venture between Sagehall Partners and The Prusik Group. Main Avenue Shopping Plaza has served the local community for nearly three decades and is fully leased to nationally recognized retailers led by Stop & Shop, Hobby Lobby, and Total Wine & More.
Clarion Transactions Vice President Taylor Epperson said the acquisition reflects continued conviction in well located, grocery-anchored retail centers, citing the center’s tenant roster, occupancy, long term leases, and strategic location as factors for investor value potential.