An affiliate of Starwood Capital Group and Retail Partners has purchased Blue Back Square, a Class A mixed-use development in West Hartford.
The $159 million development, which opened in November 2007, was acquired from a partnership of JDA Development of West Hartford, Atlanta-based Ronus Properties, Street-Works LLC of White Plains, N.Y. Terms of the transaction were not disclosed.
Blue Back Square features approximately 450,000 square feet of office, medical, residential and retail space. The mixed-use project has received strong tenant response since opening and is currently 96 percent leased. The retail component features several national retail chains including Crate & Barrel, Cheesecake Factory, Barnes & Noble and REI. Among its other tenants include Hartford Hospital and a number of professional services and law firms. The onsite management team at Blue Back will continue to operate the property under the direction of Starwood Retail Partners.
"Blue Back Square is a fundamentally strong, infill asset in an attractive market with limited new supply that generates strong cash-on-cash returns and presents an excellent opportunity for Starwood and its investors," Ethan Bing, Starwood Capital vice president, said in a statement.
CB Richard Ellis brokerage advised the seller in the transaction.