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Tri-State

TA Realty picks up Connecticut shopping center for $58M

Whole Foods anchors 82K sf complex in Fairfield County

Scott Amling, partner, TA Realty, with 330 and 350 Grasmere Avenue in Fairfield Township (TA Realty, Google Maps, iStock)
Scott Amling, partner, TA Realty, with 330 and 350 Grasmere Avenue in Fairfield Township (TA Realty, Google Maps, iStock)

Boston-based asset manager TA Realty is expanding its reach into Connecticut with a retail property purchase in Fairfield County.

TA Realty bought the King’s Crossing shopping center in Fairfield Township for about $58 million, JLL announced. The shopping center is about 82,000 square feet, so the price works out to about $700 per square foot.

JLL, which identified the seller only as an institutional investor, did not immediately respond to a request for comment. In 2012, CT Insider reported that Summit Development sold the shopping center to pension fund TIAA-CREF Global Investments for $57.5 million. It’s not clear if the shopping center has changed hands since then.

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The retail property was developed in 2011. It is anchored by a Whole Foods Market and also counts CVS Pharmacy, Petco, Five Guys and Chipotle as tenants. A shadow-anchor, Home Depot, also drives traffic to King’s Crossing, which is 97 percent leased.

A JLL Capital Markets team including Jose Cruz and Kevin O’Hearn represented the seller.

TA Realty calls itself one of the largest buyers and sellers of industrial real estate in the country. The firm has managed, acquired or invested more than $36 billion since being founded 40 years ago, acquiring more than 1,150 properties in that time.

In March, TA Realty sold an office building in Coral Gables, Florida, for $24.7 million. An entity managed by Mexican real estate investors Benjamin Cojab and Eduardo Gildenson bought the six-story building at 2990 Ponce de Leon Boulevard.

Late last year, another Connecticut shopping center was sold, in that instance to a New York City-based investment firm. Northpath Investments purchased Milford Plaza in Milford from the Hampshire Companies for $11 million. The 180,000-square-foot shopping center is anchored by a G-Mart grocer and was 65 percent leased at the time.

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Commercial Real EstateShopping Center