Fairfield County retail center sells for nearly $58M

MORRISTOWN, N.J., May 2, 2022 – JLL Capital Markets announced today that it has closed the nearly $58 million sale of King’s Crossing, an approximately 82,000-square-foot, Class A destination shopping center anchored by Whole Foods Market in affluent Fairfield Township, Connecticut.

JLL marketed the property on behalf of an institutional seller. TA Realty acquired the asset.

Developed in 2011, King’s Crossing is 97 percent leased to a superior mix of needs-based tenants, including Whole Foods, CVS Pharmacy, Petco, Five Guys, Sleep Number and Chipotle. Additionally, A shadow-anchored Home Depot provides additional traffic to the center.

Positioned on 10.5 acres at 330-350 Grasmere Ave., King’s Crossing is in Fairfield Township, a highly sought-after community 50 miles from New York City. The center is less than a mile from both Route 1 and Interstate 95, providing easy connectivity, and in Connecticut’s Gold Coast, an affluent coastal area of the state. The growing area is also home to a wealthy customer base with average household incomes exceeding $183,000.

The JLL Capital Markets team representing the seller was led by Jose Cruz, Kevin O’Hearn, Danny Finkle, Michael Oliver, Steve Simonelli, Andrew Scandalios and Grace Braverman.

“We’re thrilled to have worked with notable institutional firms such as the seller and TA Realty on the sale of this prestigious asset,” O’Hearn said. “With Whole Foods as it’s anchor and a national tenant roster, King’s Crossing is a premier retail property in this region. We had a tremendous response from investors and expect the buyer to do very well with it.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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TA Realty is among the largest and most experienced providers of real estate investment management services to U.S. and non-U.S. institutional investors. Since its inception in 1982, TA Realty has managed $36 billion of real estate assets through value-add and core strategies and customized separate/advisory accounts. TA Realty’s investment philosophy focuses on creating diversified real estate portfolios that aim to generate strong cash flow, receive intensive asset management, and seek to achieve long-term value creation. For four decades, TA Realty has maintained this philosophy through multiple real estate and economic cycles, a strength recognized by pension funds, endowments, foundations, and high-net-worth individuals. For more information, please visit tarealty.com.