News:
Brokerage
Posted: December 23, 2022
First National Realty Partners acquires Bishops Corner - brokered by Newmark
West Hartford, CT Newmark has completed the sale of Bishops Corner, a Target-anchored mixed-use asset. Newmark vice chairman Geoffrey Millerd of the firm’s Boston Capital Markets group’s retail practice represented the seller and procured the buyer, First National Realty Partners. The group’s retail practice is led by Millerd and co-head of U.S. Capital Markets Robert Griffin, and includes managing directors Jon Martin and Paul Penman. Newmark managing director Mathew Adler provided additional support on the transaction.
Totaling 259,104 s/f, Bishops Corner is anchored by a high-volume Target, which opened on-site in 2019. The remainder of the asset’s rent roll is highlighted by junior anchor Marshalls/HomeGoods, dining and service-oriented retailers and upper-level office users.
Bishops Corner is located five miles west of Hartford at the intersection of Rte. 44 and North Main St., a heavily trafficked retail destination. The property is surrounded by a densely populated residential community comprising more than 215,000 people within a five-mile radius.
“Bishops Corner offered a rare opportunity to acquire a retail asset inclusive of Target,” said Millerd. “This highly desirable anchor tenant combines with the asset’s complementary retailers and highly visible location in an active retail submarket to drive strong on-site sales.”
Newmark senior financial analyst Casey O’Brien provided financial analysis support for the transaction.
MORE FROM Brokerage
RapDev leases 17,587 s/f at 501 Boylston St. - lease brokered by JLL
Boston, MA RapDev, a leading software-engineering and DevOps consultancy, has leased 17,587 s/f at 501 Boylston St. in the city’s Back Bay. The company moved into the new space this summer, consolidating operations onto a single floor to accommodate growth and create a workplace that reflects its collaborative culture.
.png)
Columns and Thought Leadership
Retail / tariffs / uncertainty and (still) opportunity - Carol Todreas
As new tariffs continue to impact the global economy, retail businesses and investors are grappling with heightened uncertainty. From new high tariffs to supply chain issues to evolving consumer behaviors, continual changes are making it as or more challenging than the pandemic years. Yet, amidst this turbulence,
Newbury Street: Boston’s timeless retail gem thrives in a modern era - by Joseph Aquino
Boston’s iconic Newbury St. continues to thrive as one of the most vibrant and compelling retail corridors in the United States. Nestled in the heart of the Back Bay, this historic St. has evolved into a powerhouse of high-St. retail, where luxury meets lifestyle and legacy brands coexist with up-and-coming names. With its European charm, diverse architecture, and unmatched foot traffic, Newbury St. remains a dynamic reflection of Boston’s energy, culture, and economic strength.
End of the year retail thoughts - by Carol Todreas
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.
Placemaking and retail in 2024 - by Carol Todreas
Placemaking. That is the word for 2024. While the concept has historical precedence in urban development, it became part of our current culture in the 1960’s when urbanists started to think about cities for people, not just cars.
