NGKF completes $43.5 million sale of The Center at Hobbs Brook

Geoffrey Milerd, NGKF

The Center at Hobbs Brook - Sturbridge, MA

Sturbridge, MA NGKF Capital Markets has completed the sale of The Center at Hobbs Brook to Cole Credit Property Trust IV, Inc. (CCPT IV) for $43.5 million. Geoffrey Millerd, Justin Smith, Matt Waisnor and Paul Penman of the NGKF Boston Capital Markets team, which is led by Robert Griffin, oversaw the transaction of the grocery-anchored shopping center on behalf of Center at Hobbs Brook, LLC.

Comprising a total of 230,590 s/f, The Center at Hobbs Brook is 98.7% occupied. The property is anchored by a Stop & Shop supermarket and features a diverse tenant roster highlighted by national retailers including Marshalls, Michaels and Staples, among others.

Geoff Millerd said, “Hobbs Brook has continued to draw leading retailers in their respective categories since the project was constructed and that stability is certainly something that the acquirer found attractive.”

“The Center at Hobbs Brook is an example of the opportunities that exist in secondary markets – exceptional credit, strong tenant performance and attractive yields,” said Smith. “With Petco and Olympia Sports both recently joining the existing tenancy, the asset has continuously attracted tenants as space has become available.”

Situated at the intersection of I-84 and 90 with signalized access from Rte. 20, which features an average traffic count of 13,000 vehicles per day, The Center at Hobbs Brook has convenient accessibility. This prime retail location features five and 10-mile population counts of approximately 33,500 and 97,700 people, respectively.

Thomas Falatko, senior vice president of acquisitions of VEREIT, represented CCPT IV in the transaction.