News

Paramount Realty Acquires Charter Oak Marketplace

12/1/2008

Paramount Realty has acquired the 300,000 square foot Charter Oak Marketplace shopping center located on Flatbush Avenue in Hartford, Connecticut. The Seller of the Property was Centro Properties and they were represented by Marcus & Millichap. Charter Oak Marketplace was built in 2005 and is anchored by a 150,000 square foot WalMart with other national tenants such as Marshalls, Dollar Tree, Payless, Sally Beauty, Radioshack, Sleepys, Gamestop, AT&T Wireless, Dunkin Donuts, McDonalds, Taco Bell, etc. Other regional fashion-oriented tenants include PCX, Expressions, and the newly opened Rainbow stores. We were able to procure the Rainbow deal during the contract period prior to Closing. Additionally, Pollo Tropical had their grand-opening a few weeks ago. Our long-term goal is to continually replace Tenants that don’t fit in demographically with retailers like Rainbow which will complement the other successful tenants at the Charter Oak Marketplace. The property is now 100% leased with a 5,000 square foot pad site available for lease. Paramount Realty Services, Inc. currently has a portfolio of over 3,000,000 square feet of commercial properties throughout central and southern New Jersey and Eastern Pennsylvania.