King’s Crossing at 330-350 Grasmere Ave. in Fairfield, Connecticut — Courtesy: JLL
By Joshua Burd
Investment manager TA Realty has purchased a Connecticut retail center for nearly $58 million, in a deal arranged by JLL’s Morristown-based capital markets group.
Brokers with the firm represented an institutional seller in the deal at 330-350 Grasmere Ave. in Fairfield, the site of what’s known as King’s Crossing. They noted that the roughly 82,000-property is 97 percent leased to tenants including Whole Foods Market, CVS Pharmacy, Petco, Five Guys, Sleep Number and Chipotle.
JLL’s Jose Cruz, Kevin O’Hearn, Danny Finkle, Michael Oliver, Steve Simonelli, Andrew Scandalios and Grace Braverman led the assignment.
“We’re thrilled to have worked with notable institutional firms such as the seller and TA Realty on the sale of this prestigious asset,” O’Hearn said. “With Whole Foods as its anchor and a national tenant roster, King’s Crossing is a premier retail property in this region. We had a tremendous response from investors and expect the buyer to do very well with it.”
Developed in 2011, the complex sits on 10.5 acres and is adjacent to a Home Depot, which drives additional traffic to the center. JLL added that the property is less than a mile from both Route 1 and Interstate 95, providing easy connectivity for a customer base with average household incomes exceeding $183,000.