Clarion Partners Acquires Grocery-Anchored Fairfield County Retail

Franklin Templeton and its real estate investment manager Clarion Partners announced Clarion Partners Real Estate Income Fund Inc.’s acquisition of Main Avenue Shopping Plaza, a 156,568-square-foot grocery-anchored community shopping center in Norwalk, CT. The purchase price was not disclosed. JLL represented the seller, a joint venture between Sagehall Partners and The Prusik Group.

Located in densely populated Fairfield County, Main Avenue Shopping Plaza is fully leased to a roster of nationally recognized retailers led by Stop & Shop, Hobby Lobby, and Total Wine & More. The 16-acre property has served the local community for nearly three decades and benefits from a prominent location at the intersection of Main Avenue, U.S. Route 7, and the Merritt Parkway

“This acquisition reflects continued conviction in well-located, grocery-anchored retail centers that provide durable cash flow and potential long-term value creation,” said Clarion Transactions VP Taylor Epperson. “Main Avenue Shopping Plaza combines exceptional real estate fundamentals with a highly stable tenant roster serving an affluent and growing consumer base. The property’s strong occupancy, long-term leases and strategic location make it an excellent opportunity for our investors.”