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Debt & Equity

$150M JV equity recap

HFF arranged an approximately $150 million joint venture equity recapitalization for a three-property retail portfolio totaling 315,121 s/f in Fairfield, Connecticut.

HFF worked on behalf of the client, Kleban Properties, to secure the joint venture equity through Regency Centers Corporation.

The equity proceeds are being used to acquire a majority interest in the properties. Kleban Properties will retain management and leasing.

The portfolio is 100 percent leased and consists of more than 100 tenants including nationally recognized retailers and businesses such as Banana Republic, The Gap, Old Navy, Victoria’s Secret, and Fidelity, as well as some of Fairfield’s top dining and entertaining establishments.

FAIRFIELD RETAIL PORTFOLIO
FAIRFIELD RETAIL PORTFOLIO

Two of the properties (Fairfield Center and Brick Walk) are high-street retail assets located downtown along the Post Road Corridor, while the other (Black Rock) is located at one of the busiest intersections in Fairfield with a highly dense population of 120,000 people within three miles of the property.

Each property provides convenient access to the densely populated and high income neighborhoods in the area, major highways serving Fairfield, Fairfield University’s faculty and students, and the Fairfield Metro North Station that connects to Manhattan’s Grand Central Station one hour away.

The HFF team representing Kleban Properties was led by managing director Rob Rizzi and associate director Rob Hinckley.

“These properties represent some of the best located and mostly highly sought after in the suburban New York market, most of which have been owned and/or developed by Kleban for more than 50 years,” said Rizzi.

“This was a generational opportunity, and while only offered to a highly targeted “off market” group of investors coordinated between HFF and Kleban, there was tremendous interest.”

Kleban Properties is a Connecticut-based real estate development company with holdings throughout the U.S. Regency is the national owner, operator, and developer of high quality grocery-anchored and community shopping centers.

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