New Bishops Corner Owner In West Hartford Targeted A Target

WEST HARTFORD, CT — One of the town's largest shopping destinations has been sold in a massive, multi-million deal announced Thursday in which the buyer targeted a Target store.

New Jersey-based First National Realty Partners, LLC announced the addition of Bishops Corner, located at 333 N. Main St., to its shopping center portfolio.

Terms of the deal were not disclosed, but the Town of West Hartford's property records indicate the market value of the site is $31.1 million.

This 259,104-square-foot shopping center marks the firm’s expansion in Connecticut.

Bishops Corner is anchored by a 59,000-square-foot Target, which has been a tenant since 2019.

Bishops Corner also includes Marshalls/HomeGoods, The Paper Store, Mattress Firm, Orange Theory, AT&T, Bank of America, TD Bank, Noodles & Company, GNC, Subway and Massage Envy.

The site also has 14,000 square feet of vacant space, something company officials want to take care of as soon as possible.

“Bishops Corner is the top-ranked strip/convenience center in Connecticut in terms of customer visits, according to Placer.ai,” said Stephen Joseph, director of acquisitions for First National Realty.

“With its diverse lineup of destination tenants and strategic regional location, the property not only benefits from the submarket’s exceptional demographics, but it is well positioned to attract customers from a wide geographic trade area.”

The new owners cited the population density and socioeconomics of what it calls a "highly affluent retail corridor approximately 4 miles west of the state capital of Hartford."

First National Realty said Bishops Corner sees combined traffic counts of more than 40,000 vehicles per day and serves more than 216,000 people in a 5-mile radius of the center, with average household incomes within a 1-mile radius exceeding $176,000.

Newmark Vice Chairman Geoffrey Millerd of the firm’s Boston Capital Markets group’s retail practice represented the seller and procured First National Realty Partners.

Newmark is a worldwide commercial real estate firm with offices in the U.S., Canada, Latin America, Europe, Asia and the Middle East.

Millerd said what made this property desirable was the type of anchor tenant involved, namely Target.

“Bishops Corner offered a rare opportunity to acquire a retail asset inclusive of Target,” said Millerd. “This highly desirable anchor tenant combines with the asset’s complementary retailers and highly visible location in an active retail submarket to drive strong on-site sales.”

For more information on Newmark, click on this link.

For more information on First National Realty Partners, click on this link.