Office/retail center sold for $25m.

Jeffrey Dunne and Ryan Bassett of CB Richard Ellis' New York Tri-State Investment Team recently advised Summit Development in the sale of Bishop's Corner for $25 million or $192 psf.

Bishop's Corner is a 130,000 [+ or -] s/f mixed use development with 75,000 [+ or -] s/f of retail and 55,000 [+ or -] s/f of office located at the intersection of Route 44 and North Main Street in West Hartford, Connecticut.

The property has recently benefited from a major capital improvement program that cost in excess of $4 million and included a complete reface to the facade and improvements to property mechanicals. Many new tenants have recently executed leases at the property including Petco (17,300 s/f) and St. Francis Hospital (6,253 s/f) as well as a host of smaller retail and medical office users. The property will be approximately 90% leased at the time of sale.

Dunne commented, "Edens & Avant was the logical purchaser for this property due to their ownership position in the adjoining shopping center. Bishop's Corner will offer Edens better signage opportunities for the redevelopment of their existing site and provide them with a stable cash flow anchored by numerous newly executed long-term leases."

Summit's Laura Woznitski added, "Our capital investment into the property has significantly revitalized the center and leasing activity has been brisk. Edens should fair well stabilizing the asset over time."