962-966 Farmington Avenue

RETAIL PROPERTY FOR SALE

Asking Price: $9,000,000 ($746/SF)

Cap Rate: 6.1%

Avison Young is pleased to offer for sale the condominium interest in 962-966 Farmington Avenue, a high-end retail building located in West Hartford, Connecticut. The 12,060 square foot offering is 100% leased to three restaurant tenants, national fast-casual chain Chipotle Mexican Grill, and local fine dining favorites Max’s Oyster Bar and Ichiro Hibachi and Sushi Bar. The long-term tenants have been operating at the property since between 1989 to 2009, and provide strong and stable cash flow with varying lease expirations.

The property is prominently located by the intersection of Farmington Avenue and Main Street, which serves as the gateway to West Hartford Center, the primary retail corridor of Downtown West Hartford. This upscale and proven retail location combines premier shopping offerings, top tier restaurants, and a hip environment that provides a tremendous amenity base for the surrounding affluent community.

Investment Highlights

Vibrant Retail Corridor – Located at the gateway to West Hartford Center, West Hartford’s popular downtown area. The upscale retail corridor features a mix of national and local retailers, coffee shops, casual eateries, hip restaurants, and a wide variety of retail shops and services, making it a desirable destination to shop, dine, and stroll.

100% Leased to Long-Term Sticky Tenants  – 100% leased to three long-term restaurant tenants who have original occupancies dating back 15 to 35 years. The property boasts a stable and secure cash flow with a weighted average remaining lease term of five and a half years and staggered lease expirations.

Strong Demographics - Centrally located in the most affluent neighborhood of West Hartford and regionally accessible to all of Central Connecticut via nearby major roadways including I-84, I-91 and Route 44. The town of West Hartford has a population of 63,973 people with a median household income of over $105,000. Additionally, 233,043 people live within a five-mile radius of the property.

Easy and Directly Accessible Parking - West Hartford Center features an abundance of easy and accessible parking provided by municipal on-street parking, surface lots and garages. The +/- 270 space Brace Road lot is directly accessible behind the property.

Tenancy

Chipotle - Chipotle Mexican Grill, Inc (NYSE: CMG), is an American chain of fast casual restaurants specializing in bowls, tacos and mission burritos made to order in front of the customer. Chipotle, together with its subsidiaries, owns and operates approximately 3,000 restaurants in the United States, Canada, the United Kingdom, France, Germany, and the rest of Europe.

Max's Oyster Bar - Max’s Oyster Bar is an upscale seafood restaurant that offers raw bar specialties along with a lively, sophisticated atmosphere. Max’s Oyster Bar is a member of the Max Hospitality group, which has 10 restaurants located in Connecticut, Massachusetts, and Florida as well as a highly successful catering company.

Ichiro Hibachi & Sushi - Ichiro Hibachi & Sushi Bar is a popular restaurant that serves upscale Japanese cuisine. Custom favorite menu items include edamame, a house salad made of fresh lettuce, carrots, tomatoes and cucumbers, as well as several sushi rolls including Philadelphia roll, California, tuna, shrimp tempura and a chicken hibachi dish.

Location

962-966 Farmington Avenue is located at the gateway to West Hartford Center, West Hartford’s popular downtown area that features all the charm of a traditional main street shopping district. The upscale retail corridor features a mix of national and local retailers, coffee shops, casual eateries, hip restaurants, and a wide variety of retail shops and services, making it a desirable destination to shop, dine, and stroll.

West Hartford is the award-winning western neighbor of Connecticut’s capital city, Hartford. Home to the University of Hartford and the University of Saint Joseph, West Hartford is an affluent suburb of Hartford that prides itself on its overall attractiveness, citizen involvement, public safety, bustling downtown, retail and restaurant amenities, and top tier education system. For the fifth straight year, West Hartford was named as Niche.Com’s “2023 Best Place to Live in Connecticut,” and over the last five years has been named as a top place to live nationally by publications including MONEY magazine and Livability.com.