Investment Overview

The subject property is a 20,550 square foot retail building located at 101 Hale Road in Manchester, CT. The building is 100% occupied by three tenants. Petco has six years remaining and has been operating at this location for almost 10 years. FastSigns signed a 10-year lease in 2018 and has six-and-a-half years remaining. Petco operates on a NNN lease and there is additional storage in the rear of the building that contributes to the NOI. The property was constructed in 1994 and contains two dock-high loading docks and one drive-in bay in the rear of the building. Strategically located at a signalized intersection, I-84 is just a half mile from the property offering convenient access to downtown Hartford and beyond.   The building is situated in one of the most dense retail corridors in the state consisting of nearly all national and local tenants occupying over 4.9 million square feet. The Shoppes at Buckland Hills (Mall) is located just 0.7 miles up the road and consists of over one million square feet including over 140 stores. Additional area retailers include Bed Bath & Beyond, Christmas Tree Shops, Ethan Allen, Raymour & Flanigan, Target, Home Depot, Best Buy, Walmart Supercenter, Savers, Lowe’s, Trader Joe’s, Total Wine, Stop & Shop, and more. Within three miles of the property, there are 26 apartment complexes with 50 or more units. In total, there are 71 apartment complexes consisting of 6,140 apartment units within a three-mile radius. The Pavilions, a 932-unit apartment complex, is less than one mile from the property. There is a strong industrial presence in Manchester and the surrounding towns with over 6.5 million square feet of distribution space. Stop & Shop, Amazon, Aldi, FedEx, Macy’s, Raymour & Flanigan, Home Depot, Coca Cola, Hyundai and HomeGoods all have distribution centers in this market. Between Manchester, South Windsor and East Hartford, there is over 24.5 million square feet of industrial space. The surrounding area shows excellent demographics with a population over 122,000 and an average household income over $98,000 within a five-mile radius. The offering presents a great opportunity to acquire a stabilized retail property backed by two national tenants in a dominant retail corridor.