Red Bank’s First National Realty Partners has already entered three new markets in 2022, and on April 20 it announced the fourth.
Atlantic Capital Partners’ Justin Smith and Chris Peterson represented the seller in the transaction. Financial terms of the deal were not disclosed.
Like the firm’s previous targets, the property at 228 S. Main St. adds to FNRP’s grocery-anchored shopping center portfolio. At Sand Hill Plaza, a 61,450-square-foot Stop & Shop anchors the property, where it has operated since the complex opened in 1990. According to First National, there is virtually no competition for the grocer within a 3-mile radius.
“Sand Hill Plaza offered an outstanding opportunity for FNRP to establish a presence in Connecticut,” Director of Acquisitions Stephen Joseph said in a prepared statement. “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.”
Rounding out the tenant mix at Sand Hill Plaza is a T.J.Maxx, Mattress Firm, Verizon, Great Clips and Quest Diagnostics. But, according to Joseph, there’s room for more, with approximately 36,800 square feet of available space, providing “significant upside potential by way of increased occupancy and cash flow.”
Sand Hill Plaza is situated in a densely populated retail corridor, FNRP said, approximately 30 miles northwest of downtown New Haven, along the region’s dominant north-south thoroughfare. It serves a growing population of more than 42,000 people with an average household income of $164,000 within a 5-mile radius.