Blue Back Square Sold to Connecticut Real Estate Development Company
Charter Realty Announced Sale
WEST HARTFORD, Conn., May 25, 2021 /PRNewswire/ -- Charter Realty & Development Corp. is pleased to announce its recent acquisition of Blue Back Square, one of the most sought-after destinations in the region, boasting some of the finest entertainment, restaurant, retail, and housing experiences in the Greater Hartford region. Located at 65 Memorial Road, West Hartford, the property was purchased from Starwood Retail Partners which has owned the mixed-use development since 2013. The new ownership group 'Blue Back Capital Partners, LLC' is a joint venture between Charter Realty & Development Corp. (Charter Realty) and Rialto Capital.
"As a Connecticut-based company, our team is all local and fully dedicated to the long-term success of the property. We look forward to working with the West Hartford community and patrons alike to bring in new offerings and enhance the overall experience at Blue Back Square," said Paul Brandes, a founding Principal of Charter Realty. "Blue Back is a truly unique opportunity for us. We are all-in."
Blue Back Square General Manager Robyn Rifkin added, "Blue Back Square presents an exciting opportunity for the team to bring new energy to what is already one of the most desirable shopping and dining destinations in the region."
Robyn has been the General Manager of Blue Back Square since 2014, and will join the Charter team in this role moving forward as well.
Blue Back Square was developed as a public-private partnership between the town of West Hartford and its private partners. The partnership remains strong to this day in the form of the West Hartford Special Services District.
Mayor Shari G. Cantor commented, "We have been very impressed by Charter's enthusiasm for this acquisition and with the team's past experience. We look forward to working closely with Charter to best position Blue Back for continued success."
Charter Realty is a Greenwich based full-service commercial real estate development company, specializing in retail and mixed-use properties. Charter Realty currently owns, operates, or leases more than 80 properties throughout the U.S., including nearly 50 properties in Connecticut. Charter Realty's experience includes operating and leasing a variety of upscale retail and mixed-use projects, including Bedford Square (Westport), Storrs Center - UCONN (Storrs), and most recently being brought in to manage and redevelop Evergreen Walk (South Windsor). As owners of Blue Back Square, Charter Realty will assume the full spectrum of daily operations and management services for the property, including ongoing development, leasing, and marketing efforts.
About Blue Back Square
Blue Back Square is a unique shopping, living, dining, and entertainment destination. Anchored by Crate & Barrel, Cinepolis Cinemas, West Elm, and Barnes & Noble, the property also has several upscale restaurants and retailers such as The Cheesecake Factory, Fleming's Prime Steakhouse, and World of Beer.
Centrally located in the highly sought after town of West Hartford and regionally accessible to all of Central Connecticut, Blue Back Square is where people shop, eat, work, play and live. Visit www.bluebacksquare.com for more information.
About Charter Realty & Development Corp.
Charter Realty & Development Corp. is a full-service commercial real estate acquisition, development, and leasing company founded in 1993 by Paul Brandes and Dan Zelson. Charter specializes in acquiring both urban and suburban infill retail and mixed-use assets. Charter's vertically integrated platform identifies value-creation and growth opportunities for all real estate product types. For more information, please visit www.charterrealty.com.
About Rialto Capital
Rialto Capital Management is a fully integrated real estate investment management, asset management and operating company. Rialto was formed in 2007, and since its founding, has participated in the investment of billions of dollars of equity in real estate assets. The company invests and manages assets throughout the capital structure in real estate properties, loans, and securities. For more information, please visit www.rialtocapital.com.
For further information, please contact:
Kate Terricciano
Image Marketing, on behalf of Charter Realty & Development Corp.
860-919-1020
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Blue Back Square
SOURCE Charter Realty & Development
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