165 E Main St
New Britain, CT 06051
Retail Property For Sale

Marcus & Millichap is pleased to present 165 East Main Street in New Britain, Connecticut. The subject property is under construction with an early 2018 anticipated delivery date. When complete it will be a two-tenant 4,200 square foot building on a 0.43 acre lot. Leases are signed with T-Mobile’s 2nd largest U.S. partner Express Northeast Stores LLC, with 212 stores from Boston to Miami and an established regional dental center that is expanding their practice in what will be their 3rd location. The T-Mobile lease is 7 years with two five-year options to renew and 10% increases in the option periods. The dental center lease is 15 years with two five-year options to renew and 6% increases every five years in the base and options. Both leases are triple-net leases with the tenants reimbursing for all taxes, insurance and common area maintenance. The property shares access and parking with 135 East Main Street which is leased to AFC Urgent Care that was developed in conjunction with the subject property development therefore the landlord has some management responsibility for common areas, however, the leases entitle the landlord to an administration fee based on a percentage of the common area costs. The subject property benefits from its location in a strong trade area along East Main Street, and receives combined exposure to over 32,000 vehicles per day between Main Street and Martin Luther King Drive. The subject property is ideally located at the meeting of Routes 9 and 72, which see average traffic counts over 80,000 and 60,000 vehicles per day respectively. The property sits across from New Brite Plaza, a Marshalls and Save-A-Lot anchored shopping center also featuring Ocean State Job Lot, Advance Auto Parts, Sally’s Beauty Supply, and more. Additional area retailers include: Walgreens, CVS, Price Rite, Goodwill, Dollar Tree, Family Dollar, AutoZone, Aarons, Webster Bank, TD Bank, McDonalds, Taco Bell, Dunkin Donuts, and many others. In addition to surrounding retail the subject property sits at the edge of downtown New Britain, which is experiencing significant redevelopment. According to the business development coordinator for the New Britain Chamber of Commerce, investment into the downtown area will total approximately $100 million within the next five years. The property sits between Central Connecticut State University’s downtown campus, which helps support local business through its training and incubation services, and the University's main campus which is just five minutes north and is home to over 12,000 students. The property is across from the CTfastrak downtown New Britain terminal; part of a $567 million project which opened in 2015. The CTfastrak busway corridor makes it a 15 minute commute into downtown Hartford. The property is also close to The Hospital of Central Connecticut, which features 414 beds. The surrounding area shows excellent demographics, with a population over 164,000 and an average household income over $79,000 within a five mile radius.