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Roark Capital Agrees to Acquire Subway Restaurant Chain

by Hayden Spiess

Milford, Conn. — Private equity firm Roark Capital has entered into a definitive agreement with Subway to acquire the Milford-based restaurant chain. The price was not disclosed, but according to CNBC, Subway previously sought $10 billion, and The Wall Street Journal reported on Monday that Roark offered $9.6 billion. According to CNBC, other bidders reportedly included TDR Capital and Sycamore Partners. Founded more than 50 years ago by Peter Buck and Fred DeLuca, Subway boasts 36,592 restaurants globally, according to the company website. Market-research firm Technomic has reported that the chain garnered $9.8 billion in domestic sales …

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ConnecticutDevelopmentFinanceNews

GreenLake Provides $34.4 Million Financing for Retail Center in Shelton, Connecticut

by Hayden Spiess

Shelton, Conn. — GreenLake Asset Management LLC has provided a $34.4 million loan for the refinancing and construction of Fount Square, a retail center currently underway in Shelton. Development at the property previously halted due to construction liens and partnership complications. The undisclosed borrower has used the loan to settle outstanding financing and more than 60 vendor liens, as well as complete a partnership buyout and also plans to use the funding to complete the project. Tenants at the property will include Chick-fil-A, Panera Bread and Taco Bell. 

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Company newsConnecticutFloridaNews

Regency Centers Agrees to Acquire Urstadt Biddle Properties in $1.4 Billion Shopping Center REIT Merger

by Hayden Spiess

Greenwich, Conn. and Jacksonville, Fla. — Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in an all-stock transaction valued at $1.4 billion. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Under the terms of the agreement, Urstadt Biddle’s stockholders will …

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ConnecticutGrocery-anchoredInvestment salesNews

Cornerstone Properties Sells Shopping Center in Connecticut for $27.7 Million

by Hayden Spiess

Ellington, Conn. — An affiliate of Connecticut-based Cornerstone Properties has sold Valley Farms Shopping Center, a 99,936-square-foot retail property located in Ellington, a northeastern suburb of Hartford, for $27.7 million. Big Y World Class Market anchors the center, which was originally built in 2007 on a 30-acre site. Other tenants include McDonald’s and Liquor World. Tom Boyle of locally based brokerage firm Chozick Realty represented the seller and procured the undisclosed buyer in the transaction.

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ConnecticutGrocery-anchoredInvestment salesNews

IPA Arranges Sale of 196,802-Square-Foot Shopping Center in Groton, Connecticut

by Hayden Spiess

Groton, Conn. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Groton Square, a 196,802-square-foot shopping center in southeastern Connecticut. Stop & Shop and Kohl’s anchor the center, which sits on 18 acres and was built in phases between 1983 and 1989. Other tenants include Panera Bread, Xfinity, PhysicianOne Urgent Care, CosmoProf, Verizon and Moe’s Southwest Grill. Jim Koury of IPA represented the buyer and seller in the transaction.

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Subway
ConnecticutFinanceNews

BridgeCore Provides Refinancing for Two Subway Properties in Connecticut

by Hayden Spiess

Milford and Torrington, Conn. — BridgeCore has provided fixed-rate, bridge loans to refinance two properties occupied by Subway in Milford and Torrington. The borrowers, which were both third-party Subway franchisees, used the cash-out proceeds of the financings to settle agreements with Subway Corporate for covering lease payments during the pandemic under the Project Service program offered by the state of Connecticut.

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ConnecticutInvestment salesNews

FNRP Purchases 259,104-Square-Foot Shopping Center in Metro Hartford

by Hayden Spiess

West Hartford, Conn. — First National Realty Partners (FNRP) has purchased Bishops Corner, a 259,104-square-foot retail center located in West Hartford, roughly five miles outside of Hartford. Tenants at the center, which is anchored by a 59,000-square-foot Target, include HomeGoods, The Paper Store, Mattress Firm, Orange Theory, AT&T, Bank of America, TD Bank, Noodles & Company, GNC, Subway and Massage Envy. Paul Penman of Newmark represented the undisclosed seller in the transaction.

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ConnecticutInvestment salesNews

Poag Acquires 113,422-Square-Foot Retail Center in Metro Hartford

by Hayden Spiess

Glastonbury, Conn. — Poag Shopping Centers has purchased The Shops at Somerset Square, a 113,422-square-foot open-air shopping center located in Glastonbury, roughly 10 miles southeast of Hartford. This acquisition is the continuation of a strategic partnership with JLL, in which Poag provides development and redevelopment services and JLL provides management and leasing services. JLL currently manages Poag’s existing portfolio of 10 open-air retail centers.

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ConnecticutInvestment salesNet leaseNews

New England Retail Properties Arranges $10.5 Million Sale of Six Retail Properties in Connecticut

by Katie Sloan

Wethersfield, Conn. — New England Retail Properties has arranged the sale of six retail properties in Connecticut net leased to Smithland Supply. Matt Halprin of Wethersfield, Connecticut-based New England Retail represented the sellers — Retail Property One LLC, Retail Property Two LLC, Retail Property Three LLC and Retail Property Four LLC — in the transactions. Previously operated as Agway stores, the freestanding Smithland Supply properties are located in Manchester, Southington, Bethel, North Haven, Middlefield and North Branford, Connecticut. The properties were acquired by Trio Fund I CT Portfolio.

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ConnecticutInvestment salesNews

O,R&L Commercial Arranges $18.9 Million Sale of Retail Center in Branford, Connecticut

by Katie Sloan

Branford, Conn. — O,R&L Commercial has arranged the $18.9 million sale of Shoreline Plaza, a 77,037-square-foot retail center in the southern coastal Connecticut city of Branford. Tenants include Coastal Wine & Spirits, Staples, Shoreline Prime Meats & Deli and InShape Fitness. Frank Hird of O,R&L Commercial represented the seller, A&A Properties, in the transaction, and procured the buyer, an entity doing business as Executive Two Hundred LLC.

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