Starwood Capital Group And Starwood Retail Partners Affiliate Acquires Blue
Back Square Mixed-Use Development In West Hartford, CT
GREENWICH, Conn., May 6, 2013
GREENWICH, Conn., May 6, 2013 /PRNewswire/ --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."
About Starwood Capital Group Global, LLC
Starwood Capital Group is a private, U.S.-based investment firm with a core
focus on global real estate. Since the group's inception in 1991, the firm has
raised nearly $19 billion of equity capital and, through its various funds,
has invested $15 billion representing over $38 billion in assets. Starwood
Capital Group currently has over $23 billion of assets under management.
Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco,
Washington, D.C., Los Angeles and Chicago, and affiliated offices in London,
Luxembourg, Paris and Sao Paulo. Starwood Capital Group has invested in nearly
every class of real estate on a global basis, including office, retail,
residential, senior housing, golf, hotels, resorts and industrial assets.
Starwood Capital Group and its affiliates have successfully executed an
investment strategy that includes building enterprises around core real estate
portfolios in both the private and public markets. Additional information
about Starwood Capital can be found at www.starwoodcapital.com.
About Starwood Retail Partners
Starwood Retail Partners ("SRP") is a retail real estate platform that will
acquire, redevelop, manage and reposition retail real estate assets in order
to enhance property cash flow and create long-term value for its capital
partners. Formed by Starwood Capital Group, the global private real estate
investment firm, and its affiliates, SRP seeks to capitalize on opportunities
in the ever-changing retail landscape through a unique combination of talent,
experience and execution capabilities in the regional mall, lifestyle, and
power center sectors. SRP brings hands on experience in management, leasing
and redevelopment to each of its investments, leaving it positioned to
acquire, manage, reposition and re-develop market dominant shopping centers
into the one-stop shopping destinations of the future.
SOURCE Starwood Capital Group Global, LLC
Press spacebar to pause and continue. Press esc to stop.