Wilder-Principal Venture Buys Avon, CT Retail Center

Shops at Nod Brook, Avon, CT

AVON, CT—A joint venture of the Wilder Companies of Boston and partner Principal Real Estate Investors has acquired the former Nod Brook Mall here in a deal valued at $29 million. New York City-based Midwood Investment & Development sold the property to the Wilder-Principal partnership, which has renamed the 100,000-square-foot shopping center the Shops at Nod Brook. Holliday Fenoglio Fowler, L.P. represented Midwood Investment in the transaction and arranged $16.25 million in financing for the new ownership. A global life insurance company, HFF reports, provided the five-year, fixed rate acquisition loan. HFF senior managing director Jim Koury led the investment sales team that represented the seller. HFF’s debt placement team was led by directors Porter Terry and Lauren O’Neil. Earlier this year Des Moines, IA-based  Principal and Wilder established a programmatic venture to invest in retail properties throughout the New England area. The Shops at Nod Brook is the venture’s first purchase. A spokesperson for the Wilder Companies states that the goal is to build a portfolio valued at between $400 million to $500 million over the next three to five years. The Shops at Nod Brook is a 99,788-square-foot shopping center that is anchored by a recently opened The Fresh Market. Other major tenants include Marshalls and Michaels.  The complex is 91.5% leased. Other tenants at the complex include Top Nail, Music & Arts, Lane Bryant and Great Clips. “This is a thriving, well-located shopping center. The addition of The Fresh Market greatly enhanced the center’s draw and retailers are reporting better than ever traffic and sales,” says Wilder principal David Mallen. “With expansion possibilities enabling us to further augment the merchandise mix this acquisition will no doubt prove to be very successful.”