Real estate investors Brand Street Properties and Barings have acquired The Shops at Evergreen Walk, the open-air shopping center in South Windsor, the companies announced Tuesday morning.
The joint venture acquired the property from PGIM, formerly known as Prudential Global Investment Management, for $98.25 million.
Greenwich-based Brand Street Properties, which has managed the shopping center for the past five years, will continue overseeing its operations alongside Barings, a $470 billion global asset management firm headquartered in Charlotte, North Carolina.
The shopping center, which celebrated its 20th anniversary in 2024, is located along Interstate 84 and features tenants including Whole Foods Market, lululemon, Golf Lounge 18, J.Crew Factory, Gap Factory, Nike and Bluemercury.
“This acquisition allows us to build on the strong foundation established over the last 20 years while continuing to invest in best-in-class retailers, elevated experiences and community-focused programming,” said Paul Brandes, president of Brand Street Properties.
Chris Cassella, managing director at Barings, said the property aligns with the firm’s strategy of investing in open-air retail centers in suburban markets.
“South Windsor benefits from attractive demographics and sustained consumer demand, and we believe Evergreen Walk is well positioned for long-term performance,” Cassella said.
The new owners said they plan to continue investing in the property through capital improvements, refreshed common areas and expanded community events.
Brand Street Properties is a privately held real estate firm that owns and manages retail and mixed-use properties in Connecticut, Massachusetts, New York, New Jersey, North Carolina, Pennsylvania, Rhode Island and Vermont.
