Main Avenue Shopping Plaza at 380 Main Ave. in Norwalk, Connecticut — Courtesy: JLL
By Joshua Burd
The owner of a grocery-anchored shopping center in southwest Connecticut has tapped JLL’s Morristown-based capital markets team to sell the property.
According to the offering, the 156,568-square-foot Main Avenue Shopping Plaza in Norwalk is fully occupied with a 9.8-year weighted average lease term and no tenant accounting for more than roughly 37 percent of base rental income. Its anchor, Stop & Shop, is one of the grocer’s strongest locations in the Northeast, driving steady traffic to a property that is just three miles from Interstate 95 at the intersection of Route 7 and Merritt Parkway.
JLL’s J.B. Bruno, Kevin O’Hearn and Jose Cruz are spearheading the listing at 380 Main Ave. with support from Scott Aiese and Alex Staikos of the firm’s financing team and leasing brokers Patrick Smith and Trent Dickey.
“Main Avenue Shopping Plaza presents a rare opportunity to acquire a premier core, fully leased grocery-anchored shopping center in a highly trafficked and easily accessible Fairfield County location,” JLL wrote in its marketing materials. The firm added that the site is also home to Total Wine & More and Hobby Lobby, with each tenant having contractual rent increases and multiple renewal options, plus a Burger King pad site with term through April 2036.
Located at a signalized intersection, the property has more than 500 feet of frontage along Main Avenue, where more than 20,000 vehicles pass daily, according to the firm. The corridor is a dominant retail destination for necessity-based shopping, complemented by strong regional draws such as the nearby Walmart Center and Darinor Plaza, which see millions of annual visits.
JLL also cited the strength of the local market and powerful demographics within a three-mile radius, which include 79,377 residents across 31,900 households with an average income of $187,565. The median home value, meantime, is $606,144, while white-collar employment accounts for 75.1 percent of the workforce.
