Norwalk Stop & Shop, Hobby Lobby Shopping Center Acquired By Real Estate Investment Firm

NORWALK, CT — A 156,568-square-foot community shopping center in Norwalk was recently acquired by Clarion Partners Real Estate Income Fund Inc.

In a news release Tuesday, Franklin Templeton and its real estate investment manager, Clarion Partners, announced the acquisition of the Main Avenue Shopping Plaza, located at 380 Main Avenue.

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The shopping plaza contains one of the city's two Stop & Shop grocery stores, as well as Hobby Lobby and Total Wine & More stores, a TD Bank and a Burger King restaurant.

In addition to the Main Avenue location, Stop & Shop also operates a grocery store at 385 Connecticut Avenue in Norwalk.

According to the release, the 16-acre property has served the local community for nearly three decades and benefits from a prominent location at the intersection of Main Avenue, U.S. Route 7 and the Merritt Parkway.

The surrounding area features strong household incomes and limited competing retail supply, supporting long-term demand for necessity-based retail, according to the release.

The Norwalk Hour reports the shopping plaza was purchased for $45.15 million, according to property records.

"This acquisition reflects continued conviction in well-located, grocery-anchored retail centers that provide durable cash flow and potential long-term value creation," Clarion Transactions Vice President Taylor Epperson said in a news release. "Main Avenue Shopping Plaza combines exceptional real estate fundamentals with a highly stable tenant roster serving an affluent and growing consumer base. The property's strong occupancy, long-term leases and strategic location make it an excellent opportunity for our investors."

Managing Director and Portfolio Manager Brent Jenkins noted in the release the acquisition is CPREX's second retail acquisition within the last year, "further advancing the fund's strategy of building a diversified portfolio of high-quality income-producing real estate with an emphasis on necessity-oriented assets supported by long-term demand drivers."

JLL represented the seller, a joint venture between Sagehall Partners and The Prusik Group, in the transaction.

"The retail sector, particularly grocery anchored properties, continues to demonstrate resilient fundamentals underpinned by significant debt and equity liquidity in the market," JLL Capital Markets Senior Director J.B. Bruno said in a news release. "We are thrilled to have transacted with Clarion and their exceptional team."

Prior to Hobby Lobby opening in early 2025, a Bob's clothing store was located at the shopping center for many years before shutting down in March 2024.

"Quality retail product rarely trades in Fairfield County, creating a compelling opportunity in a highly desirable market," Jose Cruz, senior managing director at JLL Capital Markets, said in a news release. "Main Avenue Shopping Plaza features an exceptional tenant mix with Stop & Shop and Total Wine—two high-performing, complementary anchors driving consistent traffic."

More information about Clarion Partners is available here, more information about JLL is available here and further information about Franklin Templeton is available here.