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July 26, 2021 / 2021 Power 25 Real Estate

2021 Power 25 Real Estate: Paul Brandes

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Paul Brandes already had major dealings in Greater Hartford, where his firm Charter Realty & Development owns and/or operates about a dozen commercial and retail properties, including Farmington’s Westfarms Center, Hartford’s Front Street District and South Windsor’s Evergreen Walk.

In May, Greenwich-based Charter, where Brandes is co-principal, raised its profile in the region by purchasing West Hartford’s Blue Back Square, arguably one of the best-known shopping and dining centers in Greater Hartford.

Paul Brandes

The deal turned heads, as Charter and co-buyer Rialto Capital paid just $40 million for the 450,000-square-foot mixed-use lifestyle center, well under the $105 million seller Starwood Capital Group had paid in 2013.

Brandes cited challenges with increased vacancies and expectations that there could be more to come if tenants weakened by the COVID-19 pandemic or other factors depart in the months ahead.

Brandes and Charter will be tested as they seek to attract strong new tenants to Blue Back, where approximately 27% of the total square footage was available for lease as of May, according to Charter’s website.

Meanwhile, Charter is working to shore up an elevated vacancy rate at Evergreen Walk, where it recently unveiled plans to build a new Whole Foods supermarket.

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