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Clarion Partners buys Norwalk grocery-anchored shopping plaza
The 16-acre Main Avenue Shopping Plaza is fully leased to tenants including Stop & Shop, Hobby Lobby, and Total Wine & More.
Franklin Templeton real estate investment manager Clarion Partners said its Clarion Partners Real Estate Income Fund Inc. acquired Main Avenue Shopping Plaza, a grocery-anchored community shopping center in Norwalk, Connecticut, according to ConnectCRE.
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. ConnectCRE reported that the purchase price was not disclosed.
ConnectCRE said the shopping plaza is fully leased to a roster of national retailers led by Stop & Shop, Hobby Lobby, and Total Wine & More. JLL represented the seller, a joint venture between Sagehall Partners and The Prusik Group.
Clarion Transactions Vice President Taylor Epperson said the acquisition reflects its conviction in well-located, grocery-anchored retail centers for durable cash flow and potential long-term value creation, citing the center's strong occupancy, long-term leases, and strategic location.