220 Hale RdManchester, CT 06042

Property Details for 220 Hale Rd

Year built

1994

Lot size

9.46 AC

Property size (Sq ft)

93,251 SF

Property type

Retail properties

Property subtype

Lifestyle centers

Description

This exceptional 93,251 square foot shopping center, located at 220 & 200 Hale Rd, Manchester, CT 06042, presents a compelling investment opportunity. Boasting a strong 8.00% cap rate and a substantial net operating income (NOI) of $910,000, this property offers significant financial returns. The center is currently 100% occupied by a mix of tenants, including a well-established Ashley Furniture HomeStore franchisee with three Connecticut locations and Urban Air Adventure Park. The Ashley lease has recently been extended to a full 10-year term, demonstrating a strong commitment to the location. Urban Air's lease provides a corporate guarantee for the initial five years. Both leases are Net Lease (NNN) agreements, meaning tenants are responsible for all operating expenses, minimizing landlord responsibilities. Built in 1994 and renovated in 2021, the property sits on a 9.46-acre lot. The Ashley Furniture HomeStore franchisee is ranked in the 83rd percentile in Connecticut according to Placer.ai, indicating strong market performance. This investment offers long-term stability and significant upside potential, making it an ideal addition to any portfolio. The asking price is $11,375,000, translating to $121.98 per square foot.

Location Insight

City

Manchester

County

Hartford

State

Connecticut

Latitude

41.8084

Longitude

-72.5326

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