Windsor retail plaza sells for $19 million

A 78,500-square-foot Windsor shopping center anchored by a Stop & Shop has sold for $19 million.

Equity real estate investor First National Realty Partners announced Monday its purchase of “Windsor Court,” adding to its national portfolio of grocery-anchored shopping centers.

Stop & Shop has anchored the plaza at 1095 Kennedy Road for 30 years, and currently occupies 64,195 square feet. The grocery chain recently upgraded this location to add a new micro-fulfilment center for its home-delivery service.

Other tenants include AT&T, Windsor Court Wine, Great Clips and Edible Arrangements.

The 11.65-acre plaza is located next to a Target and HomeGoods store a short distance from Interstate 91.

“Windsor Court is a high-performing asset anchored by Stop & Shop, located within an affluent submarket of Hartford,” said Matt Annibale, First National’s senior director of acquisitions. “The shopping center benefits from strong competitive positioning due to its regional trade area location and strong mix of national and local tenants.”

Founded in 2015, First National owns 58 plazas nationally, including three in Connecticut, according to its website. In addition to its newly acquired Windsor site, the Red Bank, New Jersey-based investor owns the roughly 259,000-square-foot “Bishops Corner” center in West Hartford and the 163,545-square-foot “Sand Hill Plaza” in Newtown. 

Paul Penman and Jonathan Martin of Newmark represented the seller, Inland Southeast Windsor LLC.

The sale was not yet logged in Windsor’s land records as of Tuesday morning. Penman confirmed the $19 million sale Tuesday.

“It’s a first-class Stop & Shop-anchored asset,” Penman said. “This is just what buyers are looking for.”

Penman said retail sales have been strong coming out of the pandemic, with durable and innovative retailers hunting scarce space in a market that has not seen significant new additions in a decade. The brick-and-mortar retail sector has outperformed expectations it would be squashed by big-box stores and then online retailers, he said.

“We’ve seen a lot of capital flowing into retail, into high-quality assets in strong, suburban markets,” Penman said. “Mostly, it’s a flight of capital into safe havens over the last two years.”