May 22, 2018
Deal Watch Today

W. Hfd.'s Corbin Collection valued at $52M

Rendering | Contributed
Rendering | Contributed
Renderings of Corbin Collection in West Hartford, whose tenants include burger joint Shake Shack and outdoor retailer REI, which is moving from Blue Back Square.

Barely weeks after its debut, the landlord-developer of newly renovated The Corbin Collection retail center in West Hartford has sold part of its stake in a deal that values the former Sears store-auto center property at $52 million, officials say.

Corbin Collection's owner Seritage Growth Properties, a New York-based real estate investment trust (REIT) and First Washington Realty, a Bethesda, Md., shopping-center investor-manager, announced Tuesday their joint ownership in The Corbin Collection, the 163,700-square-foot retail redevelopment.

The Corbin Collection's valuation covers just the parcels housing the former Sears store-auto center and Olive Garden Italian Kitchen within the Corbin's Corner Shopping Center, 1445 New Britain Ave., opposite Westfarms Mall. Florida landlord Regency Centers owns the remainder of the retail spaces within Corbin's Corner.

Seritage said it sold a 50 percent stake in Corbin to a First Washington affiliate. The $52 million valuation includes the remaining costs to finish the project, Seritage and First Realty officials said.

"We believe The Corbin Collection is set to be a key element in the main retail hub of the West Hartford community,'' said Alex Nyhan, First Washington's co-president and managing director.

In a separate but related transaction, the partnership said it closed on a $20 million loan with M&T Bank that can be increased by an additional $10 million subject to the achievement of certain criteria. The loan matures in May 2020, with two one-year extensions subject to certain conditions.

Retailers who have opened or signed leases in Corbin include: REI, Saks OFF Fifth, Buy Buy Baby, Cost Plus World Market and Shake Shack.

CLARIFICATION: A previous version did not distinguish ownership of specific sections of the Corbin's Corner Shopping Center, in which The Corbin Collection is housed.

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