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December 15, 2020 Deal Watch Today

West Hartford Center retail property sells for $7.8M

1010 Farmington Ave. in West Hartford was formerly a Sovereign Bank branch but is now a Santander branch.
By Greg Bordonaro

A West Hartford Center retail building anchored by Santander Bank has sold for $7.8 million, property records show.

The 23,892-square-foot property at 1010 Farmington Ave. sold in November to MSG WEHA ATM LLC, which is controlled by Massachusetts real estate investor The Grossman Cos. Inc. 

The seller was S-BNK WEST HARTFORD LLC, which is controlled by Net Lease Capital Advisors, state records show. 

The property was built in 1939 and sits on 1.3 acres. It’s located across the street from well-known local retailers S.K. Lavery Appliance and Fleet Feet. 

Santander has been a long-time tenant in the building. It was formerly a Sovereign Bank branch, before Spain-based Santander bought Sovereign. 

Jacob Grossman, president of The Grossman Cos., said the deal represents his firm’s first purchase in West Hartford.

He said the purchase fits with Grossman Cos.’ strategy to purchase “Main Street” buildings in wealthy and high quality-of-life cities or towns. It also owns properties in Fairfield County and other parts of Connecticut, he said.

Grossman said Santander occupies the entire building and has a long-term lease, but if the bank ever decided to leave, his firm would think about potentially redeveloping the property based on the needs of the community.

It could be a desirable location for new housing or medical office space, he added.
 

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