The Shops at Somerset Square is an approximately 115,000-square-foot lifestyle shopping center in Glastonbury, CT.
NEW YORK CITY—Rouse Properties has expanded its footprint into the Northeast with the acquisition of a Connecticut shopping center.
The Shops at Somerset Square, an approximately 115,000-square-foot lifestyle shopping center, was purchased by the firm $42 million. The seller was the HB Nitkin Group.
Located in Glastonbury—an affluent suburb eight miles southeast of Hartford—Somerset Square features numerous fashion, beauty and dining brands in an outdoor town square environment.
“The Shops at Somerset Square is a compelling addition to our portfolio, as it allows us to enter the fundamentally strong Northeast market and add another dominant retail center where we have the opportunity to create additional value by enhancing the merchandising mix and shopping experience,” says Brian Harper, CEO, Rouse Properties.
“We are excited to join the Glastonbury community and look forward to applying our proven operating and management expertise to further enhance the shopping and social environment for the many customers and families throughout Central Connecticut,” he continues.
The Shops at Somerset Square is home to a strong existing lineup of leading national retailers including Francesca's, Victoria's Secret, White House Black Market, Chicos, Talbots, Chipotle and Starbucks, and boasts an array of regional favorites such as Lux, Bond & Green Jewelers, Max Fish and Max Amore. The lifestyle center also features office and medical space, and is proximate to several Class A office buildings and hotels in the immediate area.
Located directly off of Route 3 on the heavily-traveled Glastonbury Boulevard, the shopping center is easily accessible from Interstate 91, the major north-south transportation corridor for the center of Connecticut.
The Shops at Somerset Square caters to an area consisting of over 372,400 people with an average income of $104,600.
Rouse Properties owns and manages 35 regional malls and retail centers in 21 states encompassing approximately 23.8 million square feet. It was acquired earlier this year by BSREP II Retail Pooling, an affiliate of Brookfield Asset Manage
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
