Address: 79-91 Washington Avenue, North Haven, Connecticut, United States 06473
Type: Net Leased Shopping Center
Cap Rate: 6.75%
Lease Type: Triple Net (NNN)
Annual Rent: $2,301,920
Net Operating Income: $2,301,920
Lease Term Remaining: 10+ Years
Rental Increases: See Rent Schedule
Options: Eleven, Five-Year Options
Year Built: 1992
Rentable Sq/Ft: 75,224 SF
Rent Sq/Ft: $30.6
Price Sq/Ft: $453
Lot Size: +/-9.80 Acres
The subject property is well-positioned in the main retail corridor of North Haven. The property has phenomenal exposure along Washington Avenue (Route – 5) and Clintonville Road (Route – 22), benefitting from its proximity to major national and local retailers, shopping centers and schools. Major national tenants in the immediate area include: Walgreens, CVS Pharmacy, Starbucks, McDonald’s, Burger King as well as several banks and multiple hospitality accommodations. This Stop & Shop property also benefits from its close proximity to several academic institutions. Paul Mitchell The School North Haven, North Haven Public School, North Haven Middle School and Clintonville Elementary School have a combined total enrollment exceeding 5,000 students and are all located within a two-mile radius. Additionally, Amazon is currently constructing a massive new fulfillment center that is expected to total 1.2 million square feet. The facility is expected to bring an additional 2,000 jobs to the immediate area. The fulfillment center is located one and a half miles north of the subject property along Washington Avenue (Route – 5).
This subject property is situated on Washington Avenue (Route – 5), which experiences average daily traffic counts exceeding 25,000 vehicles. Intersecting with Washington Avenue is Clintonville Road (Route-22), which serves as an access road to the Merritt Parkway (Route-15) and brings an additional 80,000 vehicles to the immediate area combined. There are approximately 39,230 people within a three-mile radius and 110,025 people within a five-mile radius of the property. This is an ideal location for the regions leading grocer.
North Haven is a town in New Haven County, Connecticut on the outskirts of New Haven, Connecticut. North Haven is home of the Quinnipiac University School of Health Sciences, the School of Nursing, School of Law, School of Education, and School of Medicine located along Bassett Road. Quinnipiac University has a total enrollment of 9,000 students. North Haven is also located in close proximity to Sleeping Giant State Park and less than 10 miles from downtown New Haven and Yale University. In July of 2007, Money magazine ranked North Haven as the eighty-sixth “best place to live” in the United States. North Haven has a growing commercial, retailing and manufacturing base which employs nearly 13,000 people. There are more than 75 manufacturing and commercial firms in North Haven, 40 of which are assessed at over$1,000,0000. The economy of North Haven is also based on education. Besides Quinnipiac University, the city is also home to a branch of Gateway Community College and located in close proximity to Yale University and other New Haven-based colleges.
Broker of Record: JD Parker – License # REB0752012