First National Realty Partners, LLC (FNRP) today announced the addition of Bishops Corner to its shopping center portfolio. This 259,104-square-foot asset marks the vertically integrated real estate firm’s expansion in Connecticut and continues its nationwide growth in the open-air retail real estate sector.
Bishops Corner is anchored by a 59,000 sq ft target, which has been a tenant since 2019. The center’s tenant roster includes a strong mix of convenience-based national retailers, including junior anchor Marshalls/HomeGoods, The Paper Store, Mattress Firm, Orange Theory, AT&T, Bank of America, TD Bank, Noodles & Company, GNC, Metro and Massage Envy . The remaining 14,000 square feet of vacant space offers significant upside potential through increased occupancy and cash flow.
“Bishops Corner is the most visited strip/convenience center in Connecticut according to Placer.ai,” said Stephen Joseph, director of acquisitions. “With its diverse array of destination tenants and strategic regional location, the property not only benefits from the submarket’s exceptional demographics, but is well positioned to attract customers from a wide geographic trade area.”
Bishops Corner, located in a densely populated, highly affluent retail corridor about four miles west of the state capital of Hartford, sees combined traffic counts of more than 40,000 vehicles per day. It serves a population of more than 216,000 people, within a five-mile radius of downtown, with an average household income within a one-mile radius of more than $176,000.
Paul Penman of Newmark represented the seller in the Bishops Corner transaction.
FNRP’s Connecticut portfolio also includes Sand Hill Plaza in Newtown. FNRP offers accredited investors access to real estate assets that were traditionally only available to institutional investors. The Red Bank, NJ-based firm acquires on- and off-market opportunities nationwide. From acquisition to disposal, FNRP oversees the entire investment lifecycle 100% in-house, utilizing top talent in legal, acquisition, leasing and other key areas. The firm strives to achieve maximum value and attractive risk-adjusted returns for its partners.