A Starwood Capital Group and Starwood Retail Partners‘ affiliate has purchased Blue Back Square, a Class A mixed-use development in West Hartford, Connecticut. The project was acquired from a partnership of Atlanta-based Ronus Properties, LLC, Street-Works, LLC of White Plains, NY and JDA Development of West Hartford, which completed the center in 2008. Terms of the transaction were not disclosed.
Starwood Capital Group, a leading global private investment firm, and Starwood Retail Partners announced today that an affiliate has purchased Blue Back Square, a Class A mixed-use development in West Hartford, Connecticut. The project was acquired from a partnership of Atlanta-based Ronus Properties, LLC, Street-Works, LLC of White Plains, NY and JDA Development of West Hartford, which completed the center in 2008. Terms of the transaction were not disclosed.
Blue Back Square features approximately 450,000 square feet of high quality office, medical, residential and retail space. The mixed-use project has received strong tenant response since opening and is currently 96 percent leased. The retail component features several national retail chains including Crate & Barrel, Cheesecake Factory, Barnes & Noble and REI. Among its other tenants include Hartford Hospital and a number of professional services and law firms. The onsite management team at Blue Back will continue to operate the property under the direction of Starwood Retail Partners.
“We are pleased to be acquiring a high quality, well-located, mixed-use development that is an integral asset within the upscale West Hartford community,” said Ethan Bing, Vice President at Starwood Capital Group. “Blue Back Square is a fundamentally strong, infill asset in an attractive market with limited new supply that generates strong cash-on-cash returns and presents an excellent opportunity for Starwood and its investors.”
This is the latest in a series of retail transactions by Starwood Capital since forming Starwood Retail Partners (“SRP”) last year. “Blue Back Square is a welcome addition to our portfolio,” said Scott Wolstein, Chief Executive of SRP. “We look forward to bringing our best-in-class retail expertise to enhance what is already a premier live/work/play destination center.”
CBRE advised the seller in the transaction. “Ronus, Street-Works and JDA developed an exceptional project and we were pleased to assist them in transitioning the asset to new ownership,” said Chris Angelone, Executive Vice President with CBRE. “Starwood is a world renowned investment firm who will ensure that Blue Back Square remains a desirable and vibrant-mixed use center for years to come.”
About Starwood Capital Group Global, LLC Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since the group’s inception in 1991, the firm has raised nearly $19 billion of equity capital and, through its various funds, has invested $15 billion representing over $38 billion in assets. Starwood Capital Group currently has over $23 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C., Los Angeles and Chicago, and affiliated offices in London, Luxembourg, Paris and Sao Paulo. Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets. Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets. Additional information about Starwood Capital can be found at www.starwoodcapital.com.
About Starwood Retail Partners Starwood Retail Partners (“SRP”) is a retail real estate platform that will acquire, redevelop, manage and reposition retail real estate assets in order to enhance property cash flow and create long-term value for its capital partners. Formed by Starwood Capital Group, the global private real estate investment firm, and its affiliates, SRP seeks to capitalize on opportunities in the ever-changing retail landscape through a unique combination of talent, experience and execution capabilities in the regional mall, lifestyle, and power center sectors. SRP brings hands on experience in management, leasing and redevelopment to each of its investments, leaving it positioned to acquire, manage, reposition and re-develop market dominant shopping centers into the one-stop shopping destinations of the future.
SOURCE Starwood Capital Group Global, LLC