JLL Retail Capital Markets is pleased to offer for sale Elmwood Plaza – a ±79,790 square foot Stop & Shop anchored shopping center located in West Hartford, Connecticut. Anchored by a small format Stop & Shop Supermarket with 10-years of remaining lease term, the property is ideally located in the midst of the densely populated Elmwood neighborhood which is home to over 116,000 people within a 3-mile radius.
Elmwood Plaza is properly sized to meet demand from the surrounding market and offers investors meaningful upside through leasing existing vacancy in addition to a developable pad site.
- Stop & Shop anchor lease extends through December 2030
- Stop & Shop comprises 57% of property’s gross income
- Significant upside through leasing existing vacancy and building approved pad
- Property’s co-anchor, Crazy Bruce’s Liquor, pays just $2.33 psf (as of December 2020) – a fraction of market rent
- Well-established location in the midst of an extremely densely populated trade-area
- Recent construction (2010) and tenant ground leases significantly reduce Landlord’s capital exposure