The building and adjacent parking area at 50 Raymond Rd. in West Hartford sold this week for just over $40.5 million.
By Ronni Newton
On the heels of the Blue Back Square shopping center selling for $40 million last month, the property across Raymond Road has also changed ownership, with the new owners paying roughly $40.5 million for the building occupied by Whole Foods and the adjacent parking lot at 50 Raymond Rd.
The Hartford Business Journal first reported the sale Tuesday morning.
According to Town of West Hartford online records, the previous owner, One Liberty Properties (through the entity OLP West Hartford LLC) paid $20.55 million for the property – which includes a roughly 40,000 foot store and attached parking garage as well as a parking lot – in 2010. The land, which is split into two parcels, totals 3.72 acres.
The deed was recorded Tuesday at West Hartford Town Hall, and records indicate the new owner is ALNIC LLC, which is headquartered in La Jolla, CA. The exact sale price for the two parcels was $40,510,140.
Further information about the buyer was not immediately available.
The property had been listed for sale by One Liberty Properties in March 2021 for $40.5 million.
Whole Foods has occupied the property since 2005, and the current lease runs through 2026.
In a statement published Monday morning announcing the sale, One Liberty Properties President and CEO Patrick J. Callan, Jr., President and Chief said, “As we continue to transform our portfolio to industrial focused properties in well-located markets, this sale again demonstrates our ability to create meaningful value over time. Similar to the sale of other non-core assets that we believe reached maximum value, this transaction allows us to reduce our leverage and increase our financial capacity to fund future growth.”
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