NEW YORK--(BUSINESS WIRE)--Rouse Properties today announced it has expanded its footprint into the Northeast with the acquisition of The Shops at Somerset Square, an approximately 115,000 square foot lifestyle shopping center located in Glastonbury, Connecticut, an affluent suburb eight miles southeast of Hartford, for a total purchase price of $42 million, excluding transaction costs and closing adjustments. The shopping center features a retail lineup comprised of numerous best-in-class 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,” said Brian Harper, Chief Executive Officer of 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.”
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 boosts an impressive 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.
Conveniently located directly off of Route 3 on the heavily-traveled Glastonbury Boulevard, The Shops at Somerset Square is easily accessible from Interstate 91, the major north-south transportation corridor for the center of Connecticut. Furthermore, the lifestyle center caters to a trade area consisting of over 372,400 people with an average income of $104,600.
About Rouse Properties
Rouse Properties, a New York-based real estate investment trust owned by affiliates of Brookfield Asset Management, was founded on a legacy of innovation and creativity. Among the country's largest regional mall owners, the Company's geographically diverse portfolio spans the United States from coast to coast, and includes 36 malls and retail centers in 22 states encompassing approximately 23.8 million square feet. For more information, please visit: www.rouseproperties.com.