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Starwood Capital Group and Starwood Retail Partners Affiliate Acquires Blue Back Square Mixed-use Development in West Hartford, CT
GREENWICH, CT. – MAY 6, 2013 – 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.”