JLL's Jose Cruz, J.B. Bruno and Kevin O’Hearn Arrange Sale of Norwalk Grocery-Anchored Center for The Prusik Group

JLL Capital Markets has arranged the sale of Main Avenue Shopping Plaza, a 156,568-square-foot grocery-anchored shopping center in Norwalk, Connecticut, the firm announced Sept. 10. The fully leased center at 380 Main Ave. traded for approximately $45.15 million, or roughly $288.50 per square foot, with JLL representing the seller, a joint venture of Sagehall Partners and The Prusik Group.

Clarion Partners Real Estate Income Fund Inc., a non-listed REIT managed by Clarion Partners and Franklin Templeton that targets income-oriented, core and core-plus assets, acquired the property.

JLL Team Led by Jose Cruz, Kevin O’Hearn and J.B. Bruno

JLL Capital Markets' investment sales and advisory team on the transaction was led by Senior Managing Directors Kevin O’Hearn and Jose Cruz and Senior Director J.B. Bruno.

"The sale of Main Avenue Shopping Plaza underscores the enduring appeal of grocery-anchored retail in supply-constrained, high-barrier-to-entry markets," Bruno said.

"The combination of best-in-class national tenants, investment-grade credit backing, a fully leased property with nearly 10 years of weighted average lease term, and one of Fairfield County's strongest demographic profiles created exceptional investor demand for this asset," O'Hearn said.

Property Profile: Main Avenue Shopping Plaza

Originally constructed in 1996, Main Avenue Shopping Plaza sits on approximately 16.27 acres and offers 550 parking spaces. The center is positioned at the intersection of U.S. Route 7 and the Merritt Parkway, three miles from Interstate 95, with more than 500 feet of frontage along Main Avenue and daily traffic counts exceeding 20,000 vehicles.

Stop & Shop anchors the center with a 71,878-square-foot store that the grocer renovated in 2022. The location is described as one of Stop & Shop's highest-performing stores in the Northeast, and the tenant has occupied the site for approximately 30 years. Stop & Shop's lease is guaranteed by parent company Ahold Delhaize, which carries a BBB+ rating from S&P. Stop & Shop operates 83 locations across Connecticut, more than twice the store count of its nearest in-state competitor.

Additional national tenants include Total Wine & More, which operates its largest Connecticut liquor store at this location, along with Hobby Lobby and Burger King. Hobby Lobby opened at the center in February 2025, backfilling a former Bob's Stores box. The property was 100% leased at the time of sale, with a weighted average lease term of approximately 9.8 years.

Fairfield County Market Context

Norwalk is situated in Fairfield County, one of Connecticut's most dynamic suburban markets. The three-mile trade area surrounding Main Avenue Shopping Plaza encompasses 79,377 residents across 31,900 households, with an average household income of $187,565 and a median home value of $606,144. The broader Norwalk population stands at 93,007, and more than half of residents aged 25 and older hold a bachelor's degree or higher.

The transaction reflects continued institutional appetite for grocery-anchored retail in dense, high-income Northeast suburbs. Core grocery-anchored centers in similar markets with investment-grade anchors have generally been trading in the low- to mid-6% cap rate range in 2025 and 2026, with assets in affluent trade areas sometimes pricing tighter.

About the Seller: The Prusik Group

The Prusik Group LLC was founded in 2007 by S. Andrew Katz and Rohan Mehra and focuses on the development and repositioning of retail real estate assets along the East Coast. The firm's founders bring a combined 50 years of design, construction and development experience. Through its portfolio of work, The Prusik Group has developed or repositioned more than 3.0 million square feet of retail, office and residential projects.

JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries.

Sources

JLL Newsroom – JLL Facilitates Sale of Main Avenue Shopping Plaza