BOSTON– Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of Naugatuck Valley Shopping Center, a 382,864-square-foot, grocery-anchored shopping center in Waterbury, Connecticut.
The HFF team marketed the property on behalf of the seller, and procured the buyer, Premium Property LLC and BH Premium Quality Waterbury LLC.
Naugatuck Valley Shopping Center is 77.1 percent leased and is anchored by the region’s highest grossing Walmart as well as a full service Stop & Shop. The 50.5-acre site offers 2,155 parking spaces and features additional tenants such as Panera Bread, Bob’s Stores and Wendy’s.
Located at 950 Wolcott Street, the center is within close proximity of Interstates 84 and 95, the primary routes between Boston, Hartford and New York City. The center benefits from a trade area comprising 100,000 residents within three miles of the center and 368,000 residents earning an average household income of $87,400 within 10 miles of the center.
The HFF investment advisory team representing the seller included senior managing director Jim Koury.
“As with many retail centers today, Naugatuck is going through a transitionary phase, which presents an exciting opportunity for the next owners to reposition the center by re-merchandising the tenancy to reflect the new wave of concepts in retailing,” according to Koury.